https://www.taxtmi.com/caselaws?id=38416 The court ruled against the assessee on both issues. Regarding the deductibility of provision for gratuity, the court upheld that estimated liability for gratuity is not deductible in computing net wealth. On the exemption eligibility for investment in a new unit, the court determined that the unit was considered set up before the Wealth-tax Act's commencement based on production start date and factory completion. As a result, the assessee's claim for exemption was denied, and no proportionate exemption was granted for post-Act setup. The court affirmed the revenue's position, directing the assessee to bear costs. en-us Wed, 13 Jul 1977 00:00:00 +0530 Tue, 06 Apr 2010 11:06:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=38416 The court ruled against the assessee on both issues. Regarding the deductibility of provision for gratuity, the court upheld that estimated liability for gratuity is not deductible in computing net wealth. On the exemption eligibility for investment in a new unit, the court determined that the unit was considered set up before the Wealth-tax Act's commencement based on production start date and factory completion. As a result, the assessee's claim for exemption was denied, and no proportionate exemption was granted for post-Act setup. The court affirmed the revenue's position, directing the assessee to bear costs. Case-Laws Wealth-tax Wed, 13 Jul 1977 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=38416