https://www.taxtmi.com/caselaws?id=7257 Wealth-tax paid on shares and investments was held not deductible under section 12(2) of the Indian Income-tax Act, 1922, because the provision allows only expenditure incurred solely for earning income, and payment of wealth-tax is a liability of ownership rather than a cost of earning dividends or interest. The value of shares donated to a charitable institution was also held not eligible for rebate under section 15B, because the shares were acquired from past savings and did not form part of the assessable income of the relevant year. Both questions were answered against the assessee and in favour of the Revenue. en-us Mon, 24 Jul 1967 00:00:00 +0530 Mon, 16 Feb 2009 12:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=7257 Wealth-tax paid on shares and investments was held not deductible under section 12(2) of the Indian Income-tax Act, 1922, because the provision allows only expenditure incurred solely for earning income, and payment of wealth-tax is a liability of ownership rather than a cost of earning dividends or interest. The value of shares donated to a charitable institution was also held not eligible for rebate under section 15B, because the shares were acquired from past savings and did not form part of the assessable income of the relevant year. Both questions were answered against the assessee and in favour of the Revenue. Case-Laws Income Tax Mon, 24 Jul 1967 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=7257