https://www.taxtmi.com/caselaws?id=6389 The Supreme Court, in a judgment regarding the deductibility of income-tax liabilities in the computation of net wealth under the Wealth-tax Act, 1957, ruled against the assessee. The Court held that the disputed income-tax liability could not be considered as a deduction in the computation of net wealth, emphasizing the specific provision under section 2(m)(iii) of the Act. The decision overturned the ruling of the High Court, which had favored the assessee based on a previous case law precedent. The Court allowed the appeal, ruling in favor of the department, with no order as to costs in the appeal. en-us Tue, 07 Sep 1971 00:00:00 +0530 Thu, 04 Dec 2008 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=6389 The Supreme Court, in a judgment regarding the deductibility of income-tax liabilities in the computation of net wealth under the Wealth-tax Act, 1957, ruled against the assessee. The Court held that the disputed income-tax liability could not be considered as a deduction in the computation of net wealth, emphasizing the specific provision under section 2(m)(iii) of the Act. The decision overturned the ruling of the High Court, which had favored the assessee based on a previous case law precedent. The Court allowed the appeal, ruling in favor of the department, with no order as to costs in the appeal. Case-Laws Wealth-tax Tue, 07 Sep 1971 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=6389