1986 (6) TMI 8 - HC - Wealth-tax

Summary

The High Court of Bombay ruled that an association of persons is not liable to wealth tax under the Wealth-tax Act, based on previous court decisions. The petition challenging wealth tax notices issued to an association of shipowners was successful, and the notices were deemed unsustainable. The petition was granted, with no costs awarded. (Case: Orient Club v. CWT [1982] 136 ITR 697 and Willingdon Sports Club v. C. B. Patil, 3rd Addl. WTO [1982] 137 ITR 83)