https://www.taxtmi.com/caselaws?id=6438 Foreign municipal property tax and vessels tax paid in Japan on business assets were treated as deductible business expenditure under section 10(2)(xv) of the Indian Income-tax Act, 1922, because the impost was incurred in the assessee's character as trader. The statutory bar for wealth-tax, and taxes of a similar character, did not apply: the Japanese municipal property tax was a local levy on specified property, while Indian wealth-tax was a national tax on net wealth, with materially different object, base, incidence, and rate structure. The foreign tax was therefore not of similar character to wealth-tax and remained allowable as a deduction. en-us Fri, 07 Feb 1975 00:00:00 +0530 Mon, 03 Jul 2017 18:20:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=6438 Foreign municipal property tax and vessels tax paid in Japan on business assets were treated as deductible business expenditure under section 10(2)(xv) of the Indian Income-tax Act, 1922, because the impost was incurred in the assessee's character as trader. The statutory bar for wealth-tax, and taxes of a similar character, did not apply: the Japanese municipal property tax was a local levy on specified property, while Indian wealth-tax was a national tax on net wealth, with materially different object, base, incidence, and rate structure. The foreign tax was therefore not of similar character to wealth-tax and remained allowable as a deduction. Case-Laws Income Tax Fri, 07 Feb 1975 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=6438