https://www.taxtmi.com/caselaws?id=7150 The High Court ruled against the assessee in a case concerning the deductibility of amounts in the "special reserve account" and "shareholders' account" in determining net wealth. The Court held that the amounts in the "special reserve account" should be included in the net wealth as they were not irrevocably transferred and could be used to set off losses. Additionally, the Court determined that the amounts in the "shareholders' account" should also be included in the net wealth until dividends were declared. Furthermore, the Court disallowed the deduction of debenture liabilities, stating that they were located outside India and therefore should not be deducted in the net wealth computation. en-us Wed, 15 Nov 1967 00:00:00 +0530 Wed, 11 Feb 2009 18:07:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=7150 The High Court ruled against the assessee in a case concerning the deductibility of amounts in the "special reserve account" and "shareholders' account" in determining net wealth. The Court held that the amounts in the "special reserve account" should be included in the net wealth as they were not irrevocably transferred and could be used to set off losses. Additionally, the Court determined that the amounts in the "shareholders' account" should also be included in the net wealth until dividends were declared. Furthermore, the Court disallowed the deduction of debenture liabilities, stating that they were located outside India and therefore should not be deducted in the net wealth computation. Case-Laws Wealth-tax Wed, 15 Nov 1967 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=7150