Supreme Court · 1985 INSC 55 · Decided 13 March 1985
Commissioner of Wealth-Tax Orissa, BHUBANESHWAR. v. Vysyaraju Badreenarayana Moorthy Raju, Berhampur (GANJAM).
- Court
- Supreme Court of India
- Citation
- 1985 INSC 55 · [1985] 3 S.C.R. 306
- Case number
- TAX REFERENCE CASE No. 3/1975
- Decided
- 13 March 1985
- Bench
- R.S. PATHAK, A.P. SEN, E.S. VENKATARAMIAH (3-judge bench)
- Outcome
- Appeal(s) allowed
- Case type
- Tax
- Acts & sections cited
- Income Tax Act Section 257
Headnote
Wealth Tax Act 1957, Sections 2(e), 2(m}, 2(q} and 7(2). 'Net Wealth' - 'Valuation date' - What are -Accrued interest - Whether .an asset - Distinction between cash and mercantile system of accounting - Whether releva·n1 for wea Ith tax. The respondentMassessee was assessed to assessment years 1965-66, 1966-67 and 1967-68, in the status of a Hindu Undivided ~Family'. In each of the assessment years, the Wealth :'ax Officer included a .sum of Rs. 1.5 lakhs estimated as the accrued interest on the assessee's money · E lending jnvestrµents. F G JI The
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