https://www.taxtmi.com/caselaws?id=6347 Wealth-tax liability was examined as a deductible outgo in computing assessable income for the relevant year. The Court applied its then-recent ruling on the same legal question and treated the liability, where admissible on the governing principle, as a business-related expenditure. On that basis, the assessee's claim for deduction was upheld and the wealth-tax liability was held allowable in computing taxable income. en-us Wed, 29 Mar 1972 00:00:00 +0530 Fri, 31 Aug 2018 15:59:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=6347 Wealth-tax liability was examined as a deductible outgo in computing assessable income for the relevant year. The Court applied its then-recent ruling on the same legal question and treated the liability, where admissible on the governing principle, as a business-related expenditure. On that basis, the assessee's claim for deduction was upheld and the wealth-tax liability was held allowable in computing taxable income. Case-Laws Income Tax Wed, 29 Mar 1972 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=6347