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<h1>High Court ruling on deductibility of income tax, super-tax, proposed dividend & demand payable under Wealth-tax Act</h1> The High Court of Allahabad ruled that Rs. 50,000 was deductible from the amount of Rs. 13,54,243 for income tax and super-tax, while the rest was not. ... Whether the amount being provision for payment of income-tax and super-tax, provision for proposed dividend was deductible in computing the net wealth of the assessee The High Court of Allahabad addressed three questions under the Wealth-tax Act:1. Amount of Rs. 13,54,243 for income tax and super-tax: Rs. 50,000 deductible, rest not.2. Provision for proposed dividend of Rs. 22,500 not deductible.3. Balance of demand payable due to Income-tax Investigation Commission, Rs. 21,61,788, is deductible.
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