Law:

Section:

Section 7 of the Wealth-tax Act, 1957 - Valuation of assets - General - Whether in view of decision in Bharat Hari Singhania v. CWT [1979] 119 ITR 258 (All.), it was to be held that Tribunal was justified in holding that capital gains tax is not to be deducted from market value of assets in arriving at fair market value of same for purpose of the Wealth-tax Act - Held, yes Note : The decision was in favour of revenue. CASES REVIEW Bharat Hari Singhania v. CWT[1979] 119 ITR 258 (All.)followed and relied upon. CASE REFERRED TO Bharat Hari Singhania v. CWT [1979] 119 ITR 258 (All.). U.B. Upadhyaya for the Applicant. JUDGMENT B.P. Jeevan Reddy, C. J.-Under section 27(1) of the Wealth-tax Act, 1957, the Tribunal has referred the…

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