Location of movable property rules adjusted: goods in transit to India are not treated as located in India for wealth-tax. Board Circular No.3 W.T. (1957) provision that rights in tangible movable property are located in India 'or if it is in transit to India' is rendered inapplicable by the Supreme Court decision in Consolidated Pneumatic Tools Co., which held that goods in transit to India are not located in India for wealth-tax; accordingly that phrase in paragraph 2(c) of the 1957 Circular is cancelled and officers are to be informed.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Location of movable property rules adjusted: goods in transit to India are not treated as located in India for wealth-tax.
Board Circular No.3 W.T. (1957) provision that rights in tangible movable property are located in India "or if it is in transit to India" is rendered inapplicable by the Supreme Court decision in Consolidated Pneumatic Tools Co., which held that goods in transit to India are not located in India for wealth-tax; accordingly that phrase in paragraph 2(c) of the 1957 Circular is cancelled and officers are to be informed.
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