https://www.taxtmi.com/caselaws?id=62150 Tax liability on income voluntarily disclosed under the Voluntary Disclosure of Income and Wealth Ordinance, 1975 was treated as a debt owed on the valuation date for wealth-tax purposes because the disclosed income remained chargeable under the income-tax law and had escaped assessment. The later filing of the declaration did not defeat deductibility where the liability existed on the relevant date. Following the binding Kerala High Court view, the Tribunal allowed the deduction in computing net wealth and distinguished the contrary Gujarat High Court view. en-us Mon, 24 Mar 1980 00:00:00 +0530 Tue, 18 Jan 2011 13:02:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=62150 Tax liability on income voluntarily disclosed under the Voluntary Disclosure of Income and Wealth Ordinance, 1975 was treated as a debt owed on the valuation date for wealth-tax purposes because the disclosed income remained chargeable under the income-tax law and had escaped assessment. The later filing of the declaration did not defeat deductibility where the liability existed on the relevant date. Following the binding Kerala High Court view, the Tribunal allowed the deduction in computing net wealth and distinguished the contrary Gujarat High Court view. Case-Laws Wealth-tax Mon, 24 Mar 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=62150