https://www.taxtmi.com/caselaws?id=69267 Income-tax and wealth-tax liabilities arising from a voluntary disclosure were treated as deductible debts under section 2(m) of the Wealth-tax Act, 1957 in computing net wealth. The Tribunal noted that the assessee had disclosed concealed income and assets under the Voluntary Disclosure of Income and Wealth Act, 1976, and that the disclosed wealth formed part of the pending wealth-tax assessments. It preferred judicial authority allowing such liabilities as deductible debts over the Revenue's contrary view, and upheld the assessee's claim. en-us Mon, 26 Mar 1979 00:00:00 +0530 Wed, 06 Apr 2011 10:33:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=69267 Income-tax and wealth-tax liabilities arising from a voluntary disclosure were treated as deductible debts under section 2(m) of the Wealth-tax Act, 1957 in computing net wealth. The Tribunal noted that the assessee had disclosed concealed income and assets under the Voluntary Disclosure of Income and Wealth Act, 1976, and that the disclosed wealth formed part of the pending wealth-tax assessments. It preferred judicial authority allowing such liabilities as deductible debts over the Revenue's contrary view, and upheld the assessee's claim. Case-Laws Income Tax Mon, 26 Mar 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=69267