https://www.taxtmi.com/caselaws?id=9140 The court ruled in favor of the revenue by denying the deduction of proposed dividend in computing net assets. It determined that the assessee did not legally own the shares of Rohtas Industries Ltd., only having an equitable right due to the loss of shares. Consequently, the inclusion of only the amount financed for acquiring right shares in the net wealth was justified. Each party was directed to bear its own costs. en-us Mon, 28 May 1973 00:00:00 +0530 Fri, 19 Jun 2009 17:53:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=9140 The court ruled in favor of the revenue by denying the deduction of proposed dividend in computing net assets. It determined that the assessee did not legally own the shares of Rohtas Industries Ltd., only having an equitable right due to the loss of shares. Consequently, the inclusion of only the amount financed for acquiring right shares in the net wealth was justified. Each party was directed to bear its own costs. Case-Laws Wealth-tax Mon, 28 May 1973 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=9140