Tax deduction on disclosed income allowed when spread over acceptance links tax payable to valuation years, applicable to estates too. When an assessee's claimed spread over of voluntarily disclosed income is accepted by the Department as income and assets for particular assessment years, the tax payable on that disclosed income should be allowed as a deduction from net wealth for the valuation dates relevant to those years; the same deduction applies in estate assessments where the income forms part of the estate.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Tax deduction on disclosed income allowed when spread over acceptance links tax payable to valuation years, applicable to estates too.
When an assessee's claimed spread over of voluntarily disclosed income is accepted by the Department as income and assets for particular assessment years, the tax payable on that disclosed income should be allowed as a deduction from net wealth for the valuation dates relevant to those years; the same deduction applies in estate assessments where the income forms part of the estate.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
