1995 (9) TMI 323 - HC - Wealth-tax

Summary

The High Court of Madras ruled in favor of the assessee, a Hindu undivided family, regarding the deduction of remuneration credited to the family's karta in the assessment years 1971-72 and 1972-73 under the Wealth-tax Act, 1957. The court held that the remuneration should be allowed as debts in the computation of the family's net wealth based on previous decisions. The question referred was answered in the affirmative against the Department.