1971 (8) TMI 39 - SCH - Wealth-tax

Whether, in the circumstances of the case, in computing net welth as defined in section 2(m) of the Wealth-tax Act or in assessing the net value of the assets under section 7(2) of the said Act, the liability of the company in respect or gratuity in terms of the industrial court awards for the benefit of its employees in respect of their periods of service up to the valuation date, should be allowed as a deduction - Held, No

Summary

The Supreme Court upheld the decision regarding the deduction of liability for gratuity in wealth tax assessment. The appeal was dismissed, and the decision in Standard Mills Co. Ltd. was not reconsidered. (Case Citation: 1971 (8) TMI 39 - SC)