Delhi High Court Disposes Wealth-tax References, Upholds Deductibility of Income-tax on Secreted Income

The High Court of Delhi disposed of Wealth-tax References for various assessment years. The Tribunal's decision that income-tax liability on disclosed secreted income is deductible under the Wealth-tax Act was upheld, citing precedent. Each party to bear own costs.

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The High Court of Delhi disposed of Wealth-tax References relating to assessment years 1957-58, 1958-59, 1959-60, and 1963-64. The Tribunal was right in holding that income-tax liability relating to secreted income disclosed under section 68 of the Finance Act, 1965, is deductible under the Wealth-tax Act, 1957. The court referred to previous decisions in support of this conclusion. Each party bears their own costs.

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