https://www.taxtmi.com/caselaws?id=5893 The Supreme Court ruled in favor of the Revenue, affirming the inclusion of accrued interest on money-lending investments in wealth-tax assessments. The Court emphasized that regardless of the accounting system used, interest due on accrual basis must be considered in determining the net wealth of the assessee. The judgment aligned with the Andhra Pradesh High Court's opinion and rejected conflicting judgments from other High Courts. It underscored the importance of considering all assets, with their value assessed based on market estimates, irrespective of the accounting method employed by the assessee. en-us Wed, 13 Mar 1985 00:00:00 +0530 Fri, 28 Nov 2008 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=5893 The Supreme Court ruled in favor of the Revenue, affirming the inclusion of accrued interest on money-lending investments in wealth-tax assessments. The Court emphasized that regardless of the accounting system used, interest due on accrual basis must be considered in determining the net wealth of the assessee. The judgment aligned with the Andhra Pradesh High Court's opinion and rejected conflicting judgments from other High Courts. It underscored the importance of considering all assets, with their value assessed based on market estimates, irrespective of the accounting method employed by the assessee. Case-Laws Wealth-tax Wed, 13 Mar 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=5893