https://www.taxtmi.com/caselaws?id=7019 The High Court ruled in favor of the assessee regarding the deduction of arrears of depreciation and income-tax liability in computing net wealth under the Wealth-tax Act. The court emphasized the importance of accurately valuing assets and making necessary adjustments for a proper wealth tax assessment. It held that the assessing officer must consider all relevant factors, including arrears of depreciation, and allowed the deduction of income-tax liability as permissible. The judgment clarified the entitlement of the assessee to deductions and directed the Tribunal to reconsider the appeal in line with the court's decision. en-us Tue, 01 Aug 1967 00:00:00 +0530 Sat, 07 Feb 2009 19:42:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=7019 The High Court ruled in favor of the assessee regarding the deduction of arrears of depreciation and income-tax liability in computing net wealth under the Wealth-tax Act. The court emphasized the importance of accurately valuing assets and making necessary adjustments for a proper wealth tax assessment. It held that the assessing officer must consider all relevant factors, including arrears of depreciation, and allowed the deduction of income-tax liability as permissible. The judgment clarified the entitlement of the assessee to deductions and directed the Tribunal to reconsider the appeal in line with the court's decision. Case-Laws Wealth-tax Tue, 01 Aug 1967 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=7019