https://www.taxtmi.com/caselaws?id=21504 The High Court ruled in favor of the assessee, agreeing with the Tribunal's decision that arrears of wealth-tax and income-tax inherited from the predecessor should be considered in computing the net wealth for wealth-tax assessment. The Court emphasized that the assets inherited are subject to the encumbrance of tax liabilities, which must be excluded before determining the chargeable wealth of the assessee. The Court highlighted the obligation of the assessee to meet the tax liabilities associated with the inherited assets, affirming that these liabilities should not form part of the assets inherited. en-us Tue, 16 Aug 1988 00:00:00 +0530 Wed, 25 Nov 2009 10:34:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=21504 The High Court ruled in favor of the assessee, agreeing with the Tribunal's decision that arrears of wealth-tax and income-tax inherited from the predecessor should be considered in computing the net wealth for wealth-tax assessment. The Court emphasized that the assets inherited are subject to the encumbrance of tax liabilities, which must be excluded before determining the chargeable wealth of the assessee. The Court highlighted the obligation of the assessee to meet the tax liabilities associated with the inherited assets, affirming that these liabilities should not form part of the assets inherited. Case-Laws Wealth-tax Tue, 16 Aug 1988 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=21504