724/CBDT.

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....n that the decision of the Allahabad High Court in the case of C.W.T.vs. Shri Padampat Singhania that 'net wealth' under Rule 2 was to be determined in accordance with commercial principles and not in accordance with the definition given in section 2 (m) of the Wealth-tax Act had not been accepted and application for leave to appeal to the Supreme Court had been authorised. The High Court have sin....

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....lth' in Rule 2 of the wealth-tax Rules is involved and any appeal has been decided, an attempt could be made to take the matter to the High Court and the Court may be requested to reconsider their earlier decision in the light of the decision of the Madras High Court in the case of C.W.T. vs. Vasantha, executrix to the estate of K.V.A.L.M. Ramanathan Chettiar (87 ITR 17). If the Tribunal refuses t....