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of <h1>1972 Income-tax Amendment: Wealth-tax Non-deductible in Business Income; Reverses Supreme Court Decision; Exceptions for Specific Assets.</h1> The Income-tax (Amendment) Act, 1972, addresses the disallowance of wealth-tax as a deductible expense in computing income under 'Profits and gains of business or profession' or 'Income from other sources.' This amendment, effective retrospectively from April 1, 1962, reverses a Supreme Court decision allowing such deductions. The Act specifies that wealth-tax, including similar foreign taxes, is non-deductible, except for taxes on specific business assets like property or vehicles. However, if the Supreme Court ruled before July 15, 1972, allowing deductions for a particular assessment year, the amendment does not apply for that year.
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