https://www.taxtmi.com/caselaws?id=29081 The court ruled in favor of the taxpayers, affirming that contributions to approved gratuity funds are certain liabilities to be deducted when calculating the net worth of companies and partnership firms. The judgment emphasized compliance with Wealth Tax and Income Tax Rules, excluding contingent liabilities from valuation. The decision aligned with statutory obligations and accounting principles, citing the case of CWT v. Ranganayaki Gopalan. The court held that the provision for gratuity should be deducted in valuing shares, ordering the Department to pay costs and counsel's fee fixed at Rs. 500. en-us Tue, 08 Dec 1981 00:00:00 +0530 Wed, 10 Mar 2010 16:33:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=29081 The court ruled in favor of the taxpayers, affirming that contributions to approved gratuity funds are certain liabilities to be deducted when calculating the net worth of companies and partnership firms. The judgment emphasized compliance with Wealth Tax and Income Tax Rules, excluding contingent liabilities from valuation. The decision aligned with statutory obligations and accounting principles, citing the case of CWT v. Ranganayaki Gopalan. The court held that the provision for gratuity should be deducted in valuing shares, ordering the Department to pay costs and counsel's fee fixed at Rs. 500. Case-Laws Wealth-tax Tue, 08 Dec 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=29081