DMAI vs

The Supreme Court addressed the applicability of the U.P. Encumbered Estates Act, 1934, in relation to wealth tax assessments. It held that the decretal amount of Rs. 30,00,000/- could not be considered a 'debt owed' by the assessee, Raja Vishwanath Pratap Singh, as the decree-holders could not proceed against the amount held in government securities. Consequently, the Wealth Tax Officer's assessment that the sum of Rs. 6,78,000/- constituted the net wealth of the assessee was upheld, affirming that the wealth tax assessments for the years 1957-58 to 1961-62 were valid.