https://www.taxtmi.com/caselaws?id=5434 The Supreme Court interpreted section 4(1)(a)(iii) of the Wealth-tax Act, 1957, ruling that the value of assets transferred by the individual, regardless of conversion, should be included in the net wealth. Disagreeing with the High Court, the Supreme Court held that the converted asset's value on the valuation date must be considered. The Court emphasized the provision's intent to tax assets transferred by the assessee, whether in original or converted form. Consequently, the Court allowed the appeal, overturning the High Court's judgment in favor of the Revenue. en-us Tue, 21 Sep 1993 00:00:00 +0530 Mon, 24 Nov 2008 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=5434 The Supreme Court interpreted section 4(1)(a)(iii) of the Wealth-tax Act, 1957, ruling that the value of assets transferred by the individual, regardless of conversion, should be included in the net wealth. Disagreeing with the High Court, the Supreme Court held that the converted asset's value on the valuation date must be considered. The Court emphasized the provision's intent to tax assets transferred by the assessee, whether in original or converted form. Consequently, the Court allowed the appeal, overturning the High Court's judgment in favor of the Revenue. Case-Laws Wealth-tax Tue, 21 Sep 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=5434