https://www.taxtmi.com/caselaws?id=6374 Wealth-tax paid on an assessee's assets is not deductible under section 57(iii) as expenditure incurred for earning dividend income or income from other sources. Wealth-tax is levied on net wealth, not on any particular asset, so it lacks the direct or incidental nexus required for deduction. The amendments to sections 40 and 58 of the Income-tax Act, 1961 also expressly disallow sums paid by way of wealth-tax, and the exception relied on did not extend to wealth-tax under the Wealth-tax Act, 1957. Independently of those amendments, the payment was not expenditure laid out wholly and exclusively for earning the relevant income. en-us Tue, 03 Oct 1972 00:00:00 +0530 Thu, 04 Dec 2008 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=6374 Wealth-tax paid on an assessee's assets is not deductible under section 57(iii) as expenditure incurred for earning dividend income or income from other sources. Wealth-tax is levied on net wealth, not on any particular asset, so it lacks the direct or incidental nexus required for deduction. The amendments to sections 40 and 58 of the Income-tax Act, 1961 also expressly disallow sums paid by way of wealth-tax, and the exception relied on did not extend to wealth-tax under the Wealth-tax Act, 1957. Independently of those amendments, the payment was not expenditure laid out wholly and exclusively for earning the relevant income. Case-Laws Income Tax Tue, 03 Oct 1972 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=6374