Supreme Court · 1973 INSC 81 · Decided 16 April 1973
Lakshmi Kant Jha v. Commissioner of Wealth Tax Bihar and Orissa
- Court
- Supreme Court of India
- Citation
- 1973 INSC 81 · [1973] 3 S.C.R. 973
- Case number
- CIVIL APPEAL No. 296/1970
- Decided
- 16 April 1973
- Bench
- K.S. HEGDE, HANS RAJ KHANNA (2-judge bench)
- Outcome
- Disposed off
- Case type
- Civil
Headnote
We<1/tlr Tax Act 1951, s. 5(1) VIII and 5(l)XV-ls jewellery for per­ sonal use exempted-Whefher brokerage charges to be excluded and right to compensation included in the net wealth of the assessee. The assessee, former Maharaja of Darbhanga filed a return for the assessment year 1957-58 return was filed subsequently showing a lesser amount. The wealth-tax officer determined the net wealth of the assessee to be more than four and half crores. The assessee held shares and stocks in various companies. The assessee gave correct valuation of those shares but claimed a deduction of
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