https://www.taxtmi.com/circulars?id=10220 The Board addresses whether net wealth under Rule 2 is to be determined by commercial principles or by the Act's definition. It notes a High Court decision adopting commercial principles is binding in certain charges but may not apply to assessments after the Rules were amended to align undefined Rule terms with the Act. The Board directs that, in subsequent or similar cases, officials seek High Court reconsideration citing a contrary High Court decision; if the Tribunal will not state a case, request the High Court to direct one, and if reconsideration is refused, consider pursuing leave to a higher judicial forum. en-us Thu, 25 Jul 1974 00:00:00 +0530 Sat, 11 Jun 2011 14:42:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=10220 The Board addresses whether net wealth under Rule 2 is to be determined by commercial principles or by the Act's definition. It notes a High Court decision adopting commercial principles is binding in certain charges but may not apply to assessments after the Rules were amended to align undefined Rule terms with the Act. The Board directs that, in subsequent or similar cases, officials seek High Court reconsideration citing a contrary High Court decision; if the Tribunal will not state a case, request the High Court to direct one, and if reconsideration is refused, consider pursuing leave to a higher judicial forum. Circulars Income Tax Thu, 25 Jul 1974 00:00:00 +0530 https://www.taxtmi.com/circulars?id=10220