https://www.taxtmi.com/caselaws?id=10047 The court held that immovable properties held as business assets, including stock-in-trade, are liable to be included in wealth-tax assessment for the relevant years 1984-85 to 1988-89. The court emphasized that the amendments to tax laws, such as the Finance Act of 1988, extending exemptions to certain assets, are prospective and not retrospective. The court rejected the argument for retrospective application based on previous decisions and clarified that the unamended provision did not support excluding stock-in-trade from wealth-tax assessment. Ultimately, the court ruled in favor of the Revenue, affirming the inclusion of such assets in wealth-tax assessment. en-us Mon, 01 Dec 2003 00:00:00 +0530 Mon, 06 Jul 2009 16:49:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=10047 The court held that immovable properties held as business assets, including stock-in-trade, are liable to be included in wealth-tax assessment for the relevant years 1984-85 to 1988-89. The court emphasized that the amendments to tax laws, such as the Finance Act of 1988, extending exemptions to certain assets, are prospective and not retrospective. The court rejected the argument for retrospective application based on previous decisions and clarified that the unamended provision did not support excluding stock-in-trade from wealth-tax assessment. Ultimately, the court ruled in favor of the Revenue, affirming the inclusion of such assets in wealth-tax assessment. Case-Laws Wealth-tax Mon, 01 Dec 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=10047