1965 (11) TMI 5 - HC - Wealth-tax

Net wealth - Cash distributed amongst coparceners on last day of previous year - not includible in the total wealth of the assessee

Summary

The High Court of Allahabad ruled that the sum of Rs. 4 lakhs was wrongly included in the total wealth of the assessee for the assessment year 1959-60. The court directed that a copy of the judgment be sent to the Appellate Tribunal, and awarded costs of Rs. 100 to the assessee.