https://www.taxtmi.com/caselaws?id=7218 Wealth-tax paid on the value of an assessee's assets does not qualify for deduction while computing income from other sources under section 57(iii). Deductibility requires expenditure to be incurred wholly and exclusively for earning the relevant income, with a real and direct nexus between the outgoing and income production. Wealth-tax arises from ownership of the totality of assets and is not directly connected with earning dividend or interest from those assets. Its connection to income generation is therefore too remote; preserving ownership or the income source does not meet the statutory test. en-us Wed, 27 Sep 1967 00:00:00 +0530 Sun, 15 Feb 2009 10:43:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=7218 Wealth-tax paid on the value of an assessee's assets does not qualify for deduction while computing income from other sources under section 57(iii). Deductibility requires expenditure to be incurred wholly and exclusively for earning the relevant income, with a real and direct nexus between the outgoing and income production. Wealth-tax arises from ownership of the totality of assets and is not directly connected with earning dividend or interest from those assets. Its connection to income generation is therefore too remote; preserving ownership or the income source does not meet the statutory test. Case-Laws Income Tax Wed, 27 Sep 1967 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=7218