1991 (4) TMI 86 - HC - Wealth-tax

Summary

The judgment pertains to assessment years 1971-72 and 1972-73 involving Hindu undivided family assessee Hans Raj. The issue revolved around the firm ownership and wealth assessment, resulting in a penalty dispute. The court clarified legal obligations under the Wealth-tax Act, 1957, and referred to relevant case laws. The Tribunal's decision was overturned, and the matter was remanded for further assessment of wealth concealment by the assessee.