https://www.taxtmi.com/caselaws?id=11407 The High Court of GUJARAT held that under the Wealth-tax Act, all assets of the assessee, except those expressly exempted, must be considered in determining net wealth, regardless of the accounting system used. The Court concluded that the income-tax refund and lease rent were assets of the assessee and should be included in her net wealth. Relying on Supreme Court judgments, the Court found in favor of the Revenue, upholding the Commissioner of Wealth-tax's directive to include the refund amount and lease rent in the assessee's net wealth. The reference was disposed of with no costs awarded. en-us Mon, 14 Jul 2003 00:00:00 +0530 Sat, 08 Aug 2009 09:33:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=11407 The High Court of GUJARAT held that under the Wealth-tax Act, all assets of the assessee, except those expressly exempted, must be considered in determining net wealth, regardless of the accounting system used. The Court concluded that the income-tax refund and lease rent were assets of the assessee and should be included in her net wealth. Relying on Supreme Court judgments, the Court found in favor of the Revenue, upholding the Commissioner of Wealth-tax's directive to include the refund amount and lease rent in the assessee's net wealth. The reference was disposed of with no costs awarded. Case-Laws Wealth-tax Mon, 14 Jul 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=11407