https://www.taxtmi.com/caselaws?id=13720 The High Court of MADRAS ruled in a tax case reference under the Wealth-tax Act, 1957 that an amount received as a refund of sales tax from the Coffee Board should be considered part of the taxable net wealth. The Court held that the amount remained with the assessee and should be included in wealth, rejecting the argument that it was held in trust. The Court affirmed the Tribunal's decision, emphasizing that the liability on the amount had been confirmed in relation to Income-tax Act proceedings. The Court found no merit in the assessee's argument and ruled in favor of including the amount in taxable net wealth. en-us Tue, 23 Jan 2007 00:00:00 +0530 Wed, 01 Jul 2009 18:33:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=13720 The High Court of MADRAS ruled in a tax case reference under the Wealth-tax Act, 1957 that an amount received as a refund of sales tax from the Coffee Board should be considered part of the taxable net wealth. The Court held that the amount remained with the assessee and should be included in wealth, rejecting the argument that it was held in trust. The Court affirmed the Tribunal's decision, emphasizing that the liability on the amount had been confirmed in relation to Income-tax Act proceedings. The Court found no merit in the assessee's argument and ruled in favor of including the amount in taxable net wealth. Case-Laws Wealth-tax Tue, 23 Jan 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=13720