https://www.taxtmi.com/caselaws?id=25207 The High Court held that the proviso introduced by the Finance Act, 1974, should be applied in determining the net wealth for the assessment year 1975-76. The Court emphasized that the law applicable for determining net wealth and tax liability is that in force on the first day of the assessment year. Therefore, the proviso introduced in 1974 was deemed applicable, supporting the Revenue's position. The case outcome favored the Revenue, upholding the inclusion of interest in life insurance policies in the assessee's net wealth for the relevant valuation date. en-us Fri, 16 Oct 1987 00:00:00 +0530 Wed, 27 Jan 2010 11:47:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=25207 The High Court held that the proviso introduced by the Finance Act, 1974, should be applied in determining the net wealth for the assessment year 1975-76. The Court emphasized that the law applicable for determining net wealth and tax liability is that in force on the first day of the assessment year. Therefore, the proviso introduced in 1974 was deemed applicable, supporting the Revenue's position. The case outcome favored the Revenue, upholding the inclusion of interest in life insurance policies in the assessee's net wealth for the relevant valuation date. Case-Laws Wealth-tax Fri, 16 Oct 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=25207