High Court rules against deducting advance tax from tax provision under Wealth-tax Act, 1957

The High Court of Madras held that advance tax shown on the balance sheet should not be deducted from tax payable when calculating the provision for taxation under the Wealth-tax Act, 1957. This ruling favored the taxpayer and went against the Revenue's position.

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The High Court of Madras, in a tax case reference under the Wealth-tax Act, 1957, ruled that advance tax paid and shown on the balance sheet should not be deducted from tax payable when determining the provision for taxation. The decision was based on a previous ruling and was against the Revenue.

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