Commissioner Of Wealth-Tax vs Shilaben Family Trust And Ors.

The Supreme Court addressed the issue of wealth tax assessment in CWT v. Ashok K. Parikh, referencing the precedent set in Bharat Hari Singhania v. CWT, where a contrary view was established. The Court held that the previous judgment was to be followed, resulting in the allowance of the civil appeals and the setting aside of the order under appeal. The Court did not impose any costs in this matter.