1990 (6) TMI 46 - HC - Wealth-tax

Summary

The High Court of Bombay was asked to determine if a refund under section 50B of the Estate Duty Act should be included in the total wealth of the assessee for specific assessment years. The Tribunal held that the refund crystallized after the valuation dates, so it should not be included in the wealth calculation. The court returned the question unanswered due to lack of evidence on when the accountable persons became entitled to the refund.