Deduction restriction on wealth-tax payments barred from computing total income for certain prior assessment years. Amendment to the Income-tax Act 1961 bars deduction of amounts paid as wealth-tax in computing total income for certain assessment years prior to 1962-63, restricting wealth-tax payments from being treated as deductible items for those specified earlier assessment years.
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Provisions expressly mentioned in the judgment/order text.
Deduction restriction on wealth-tax payments barred from computing total income for certain prior assessment years.
Amendment to the Income-tax Act 1961 bars deduction of amounts paid as wealth-tax in computing total income for certain assessment years prior to 1962-63, restricting wealth-tax payments from being treated as deductible items for those specified earlier assessment years.
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