https://www.taxtmi.com/caselaws?id=5089 The High Court ruled in favor of the appellant in a case concerning the deductibility of wealth-tax liability in computing net wealth, justification of deletion of differences between market and book value of shares, and allowance of provision for tax as a deduction in computing break-up value of shares. The court held that wealth-tax liability should be deducted as a debt owed on the valuation date, justified the deletion of differences in share values, and allowed the provision for tax as a deduction in computing share values. The Supreme Court upheld these decisions, awarding costs to the appellant. en-us Fri, 01 Dec 1967 00:00:00 +0530 Wed, 19 Nov 2008 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=5089 The High Court ruled in favor of the appellant in a case concerning the deductibility of wealth-tax liability in computing net wealth, justification of deletion of differences between market and book value of shares, and allowance of provision for tax as a deduction in computing break-up value of shares. The court held that wealth-tax liability should be deducted as a debt owed on the valuation date, justified the deletion of differences in share values, and allowed the provision for tax as a deduction in computing share values. The Supreme Court upheld these decisions, awarding costs to the appellant. Case-Laws Wealth-tax Fri, 01 Dec 1967 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=5089