https://www.taxtmi.com/caselaws?id=289430 For wealth-tax purposes, shares held in limited companies are assets of the shareholder and are includible in net wealth; rule 2 of the Schedule provides only limited relief where applicable and does not change that basic inclusion. The commutation amount payable on abolition of jagirs is also includible in net wealth because it represents the capitalised value of extinguished jagir rights, not a true annuity. The gallantry or merit-award exemption does not apply because the amount is compensation for takeover of the jagir, not property received as such an award. Both items were therefore taxable in net wealth, subject only to any applicable statutory relief on shares. en-us Thu, 15 Nov 1962 00:00:00 +0530 Thu, 30 Jul 2020 12:53:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=289430 For wealth-tax purposes, shares held in limited companies are assets of the shareholder and are includible in net wealth; rule 2 of the Schedule provides only limited relief where applicable and does not change that basic inclusion. The commutation amount payable on abolition of jagirs is also includible in net wealth because it represents the capitalised value of extinguished jagir rights, not a true annuity. The gallantry or merit-award exemption does not apply because the amount is compensation for takeover of the jagir, not property received as such an award. Both items were therefore taxable in net wealth, subject only to any applicable statutory relief on shares. Case-Laws Wealth-tax Thu, 15 Nov 1962 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=289430