Inclusion of Filigree Silver in Net Wealth: HC Decision Upheld Revenue

The HC of Madras held that filigree silver and silverware as stock-in-trade should be included in the assessee's net wealth for assessment years 1984-85 to 1988-89, following the precedent in CWT v. Varadharaj'a Theatres P. Ltd. The decision favored the Revenue over the assessee.

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The High Court of Madras ruled that filigree silver and silverware held by the assessee as stock-in-trade should be included in the net wealth for assessment years 1984-85 to 1988-89. The decision was based on the precedent set in the case of CWT v. Varadharaj'a Theatres P. Ltd. [2001] 250 ITR 523. The court ruled in favor of the Revenue and against the assessee.

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