2010 (3) TMI 232 - HC - Wealth-tax

Assets section 2(e) of wealth tax act - share of the assessee in cash incentive and duty draw back held that the share of the assessee in cash incentive and duty draw back did not represent any assets - The cash incentive is a personal reward for promotion of woollen mills. Such reward remittance do not fall within the purview of movable or immovable property and cannot possibly be termed as assets as defined under section 2 (e) of the Act decided in favor of assessee

Summary

The High Court of Punjab & Haryana ruled in favor of the assessee regarding the deletion of the share in cash incentive and duty drawback. The court determined that these amounts did not qualify as assets under the Wealth Tax Act. The Tribunal's decision to dismiss the appeal by the department was upheld. (2010 (3) TMI 232 - PUNJAB & HARYANA HIGH COURT)