High Court affirms Tribunal's decision on fair market value for wealth tax, denies deduction for notional capital gains.

The High Court of Allahabad upheld the Income-tax Appellate Tribunal's decision on fair market value of assets for wealth tax assessment, denying deduction for estimated notional capital gains tax. The Tribunal's ruling, supported by a previous case and affirmed by the Supreme Court, favored the Revenue over the assessee.

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The High Court of Allahabad upheld the decision of the Income-tax Appellate Tribunal regarding the fair market value of assets for wealth tax assessment. Deduction for estimated notional capital gains tax cannot be allowed. The Tribunal's decision was based on a previous court case and affirmed by the Supreme Court. The judgment favored the Revenue over the assessee.

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