https://www.taxtmi.com/caselaws?id=59304 A closely held company's stock-in-trade of gold, silver, ornaments and precious stones was treated as includible in net wealth because the statutory description of specified assets was clear and could not be narrowed by reference to ministerial speech or by implying an exclusion. The later amendment excluding stock-in-trade was held prospective and not applicable to the period in dispute. Advances received from customers against orders were deductible because they were liabilities directly connected with purchasing goods for execution of those orders and therefore related to the taxable assets. The wealth-tax computation was upheld subject to that deduction. en-us Tue, 31 Jan 1989 00:00:00 +0530 Mon, 27 Dec 2010 17:14:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=59304 A closely held company's stock-in-trade of gold, silver, ornaments and precious stones was treated as includible in net wealth because the statutory description of specified assets was clear and could not be narrowed by reference to ministerial speech or by implying an exclusion. The later amendment excluding stock-in-trade was held prospective and not applicable to the period in dispute. Advances received from customers against orders were deductible because they were liabilities directly connected with purchasing goods for execution of those orders and therefore related to the taxable assets. The wealth-tax computation was upheld subject to that deduction. Case-Laws Wealth-tax Tue, 31 Jan 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=59304