https://www.taxtmi.com/caselaws?id=15651 The High Court of Madras ruled in favor of the individual in assessing net wealth, specifically benefits from a firm's profit related to a customs clearance certificate for assessment years 1966-71. The court determined that the individual did not receive any benefit from the firm's income arising from the certificates. The matter of benefits for assessment years 1968-74 was remitted to the Tribunal to ascertain the individual's share in the firm's income from the certificate. The Court also discussed the interpretation of Kerala High Court decisions and the calculation of market value of assets under section 7 of the Wealth-tax Act, directing the Tribunal to determine additions to the individual's assessable wealth accordingly. en-us Wed, 12 Aug 1998 00:00:00 +0530 Wed, 26 Aug 2009 16:46:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=15651 The High Court of Madras ruled in favor of the individual in assessing net wealth, specifically benefits from a firm's profit related to a customs clearance certificate for assessment years 1966-71. The court determined that the individual did not receive any benefit from the firm's income arising from the certificates. The matter of benefits for assessment years 1968-74 was remitted to the Tribunal to ascertain the individual's share in the firm's income from the certificate. The Court also discussed the interpretation of Kerala High Court decisions and the calculation of market value of assets under section 7 of the Wealth-tax Act, directing the Tribunal to determine additions to the individual's assessable wealth accordingly. Case-Laws Wealth-tax Wed, 12 Aug 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=15651