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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Allahabad High Court's 'Net Wealth' Ruling Stands; Conflicts with Madras Court, Potential Supreme Court Appeal Looms.</h1> The circular addresses the binding nature of the Allahabad High Court's decision regarding the interpretation of 'net wealth' under Rule 2 of the Wealth-tax Rules, which should align with commercial principles rather than the definition in section 2(m) of the Wealth-tax Act. The application for leave to appeal to the Supreme Court was rejected, making the decision binding in Lucknow and Kanpur. However, for assessments from 1968-69 onwards, Rule 1A may alter its applicability. The circular suggests pursuing further legal action to reconsider the decision in light of a conflicting Madras High Court ruling, potentially escalating the matter to the Supreme Court.
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