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<h1>Court allows deduction of income-tax and wealth-tax liabilities for earlier years in computing net wealth.</h1> The High Court of Madhya Pradesh held that income-tax and wealth-tax liabilities for earlier years up to 1975-76 are deductible in computing net wealth ... - The High Court of Madhya Pradesh held that income-tax and wealth-tax liabilities for earlier years up to 1975-76 are deductible in computing net wealth for 1975-76, even if the demand was created after the valuation date. This decision was based on a Supreme Court ruling in the case of CWT v. Kantilal Manilal [1985] 152 ITR 447. The Court answered the question in favor of the assessee, stating that the liabilities should be deductible as a debt.
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