1991 (9) TMI 2 - SCH - Wealth-tax

Whether the appellants who are partners in a firm of solicitors at Calcutta are liable to be taxed under the Wealth-tax Act in respect of their share of the outstanding due to the firm from various clients - question has been rightly answered against the appellants following the decision of SC in CWT v. Vysyaraju Badreenarayana Moorthy Raju

Summary

The Supreme Court dismissed appeals regarding the taxation of partners in a solicitors firm under the Wealth-tax Act for their share of outstandings from clients. The decision of the Calcutta High Court was upheld, and the appeals were dismissed without costs. The issue raised was not deemed of contemporary importance due to statutory amendments and the insubstantial amount involved.