Capital gains tax not deductible from asset market value for Wealth-tax Act, 1957. Precedent: Bharat Hari Singhania v. CWT.

The High Court of Allahabad held that capital gains tax should not be deducted from the market value of assets for the Wealth-tax Act, 1957, following the precedent in Bharat Hari Singhania v. CWT [1979] 119 ITR 258. The judgment was delivered by B. P. JEEVAN REDDY C. J. and V. N. MEHROTRA.

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The High Court of Allahabad ruled that capital gains tax should not be deducted from the market value of assets for the purpose of the Wealth-tax Act, 1957. The decision was based on the precedent set in Bharat Hari Singhania v. CWT [1979] 119 ITR 258. The judgment was delivered by B. P. JEEVAN REDDY C. J. and V. N. MEHROTRA.

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