2001 (6) TMI 12 - HC - Income Tax

Summary

The High Court of Madras ruled in favor of the assessee for the assessment year 1982-83. The court rejected the Revenue's attempt to reopen the assessment based on a property being sold at a higher price later on. The net wealth for wealth-tax assessment is determined based on the valuation date and should not be changed due to a property selling for a higher price in the future.