Wealth-tax deduction disallowance bars claiming such tax against business or other income, subject to limited prior-judgment savings. The amendments disallow wealth tax as a deduction in computing income under the heads Profits and gains of business or profession and Income from other sources, with wealth tax defined to include domestic wealth tax, similar foreign taxes, and foreign taxes measured by asset value or capital employed. Taxes levied on particular business assets remain deductible. A saving preserves deductibility for assessment years where the highest appellate court had, before promulgation, held wealth tax deductible for that specific year.
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.
Wealth-tax deduction disallowance bars claiming such tax against business or other income, subject to limited prior-judgment savings.
The amendments disallow wealth tax as a deduction in computing income under the heads Profits and gains of business or profession and Income from other sources, with wealth tax defined to include domestic wealth tax, similar foreign taxes, and foreign taxes measured by asset value or capital employed. Taxes levied on particular business assets remain deductible. A saving preserves deductibility for assessment years where the highest appellate court had, before promulgation, held wealth tax deductible for that specific year.
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