https://www.taxtmi.com/caselaws?id=36217 The court upheld the decision that the non-existent tax on notional capital gains cannot be deducted from the value of shares and debentures under section 7(1) of the Wealth-tax Act, 1957. The Tribunal's ruling was in favor of not considering this tax liability in determining the asset's value. The court distinguished this case from previous precedents and concluded that the notional capital gains tax does not constitute a present liability or debt owed, thus affirming the rejection of the deduction claimed by the assessee. en-us Fri, 21 Mar 1980 00:00:00 +0530 Mon, 14 Sep 2015 12:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36217 The court upheld the decision that the non-existent tax on notional capital gains cannot be deducted from the value of shares and debentures under section 7(1) of the Wealth-tax Act, 1957. The Tribunal's ruling was in favor of not considering this tax liability in determining the asset's value. The court distinguished this case from previous precedents and concluded that the notional capital gains tax does not constitute a present liability or debt owed, thus affirming the rejection of the deduction claimed by the assessee. Case-Laws Wealth-tax Fri, 21 Mar 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36217