https://www.taxtmi.com/caselaws?id=201931 The court ruled in favor of the assessee, holding that wealth tax is not payable on rights under copyright if they are not held as assets of a business and no income accrues from them. The court applied the Taxation Laws (Amendment) Act, 1975 to the assessment year 1984-85, determining that the deletion of the addition was lawful as per the amended section 5(1)(v). Ownership rights in copyright were confirmed to remain with the holder despite assignments for exploitation, leading to a judgment in favor of the assessee against the Revenue. en-us Fri, 16 Jan 2009 00:00:00 +0530 Wed, 26 Dec 2012 17:50:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=201931 The court ruled in favor of the assessee, holding that wealth tax is not payable on rights under copyright if they are not held as assets of a business and no income accrues from them. The court applied the Taxation Laws (Amendment) Act, 1975 to the assessment year 1984-85, determining that the deletion of the addition was lawful as per the amended section 5(1)(v). Ownership rights in copyright were confirmed to remain with the holder despite assignments for exploitation, leading to a judgment in favor of the assessee against the Revenue. Case-Laws Wealth-tax Fri, 16 Jan 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=201931