https://www.taxtmi.com/caselaws?id=332724 The High Court found that the Assessing Officer and appellate authorities failed to correctly apply legal provisions regarding the definition of 'assets' and the application of Rule 14 for proportionate liability. Due to the lapse of more than 15 years and the abolition of the Wealth Tax Act, the Court decided not to remand the matter but to restore the original assessment order under Section 16(1) of the Act. The appeals were allowed, and the original order was reinstated. en-us Thu, 08 Sep 2016 00:00:00 +0530 Fri, 18 Nov 2016 15:14:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=332724 The High Court found that the Assessing Officer and appellate authorities failed to correctly apply legal provisions regarding the definition of 'assets' and the application of Rule 14 for proportionate liability. Due to the lapse of more than 15 years and the abolition of the Wealth Tax Act, the Court decided not to remand the matter but to restore the original assessment order under Section 16(1) of the Act. The appeals were allowed, and the original order was reinstated. Case-Laws Wealth-tax Thu, 08 Sep 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=332724