1998 (11) TMI 34 - HC - Wealth-tax

Summary

The High Court of Madras ruled in favor of the assessee regarding the inclusion of a lottery prize in their net wealth for the assessment year 1977-78 under the Wealth-tax Act. The court held that the amount had not accrued to the assessee in that year, citing a similar Supreme Court case. The assessee had given an undertaking to offer the amount for tax assessments once received. The judgment favored the assessee, with no costs awarded.