Court denies deduction of notional capital gains tax under Wealth-tax Act, citing precedent.

The High Court of Allahabad ruled in favor of the Revenue, holding that the assessee was not entitled to deduction of notional capital gains tax under section 27(1) of the Wealth-tax Act, 1957. The decision was based on the precedent set in Bharat Hari Singhania v. CWT [1979] 119 ITR 258 (All).

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The High Court of Allahabad ruled in favor of the Revenue and against the assessee regarding the deduction of notional capital gains tax under section 27(1) of the Wealth-tax Act, 1957. The judgment was delivered by Judges B. P. JEEVAN REDDY and V. N. MEHROTRA. The decision was based on a previous case, Bharat Hari Singhania v. CWT [1979] 119 ITR 258 (All).

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