https://www.taxtmi.com/caselaws?id=192045 The court held that wealth-tax paid by companies is not an allowable expenditure under the Indian Income-tax Act as it is a charge on ownership and not incidental to the business. Therefore, the wealth-tax paid cannot be claimed as a deductible expenditure. Additionally, the court ruled against the assessee's claim for extra depreciation allowance, stating that it cannot be claimed beyond the five-year limit ending March 31, 1959. The court directed the assessee in each case to pay costs to the department. en-us Wed, 16 Jan 1963 00:00:00 +0530 Wed, 10 May 2017 17:35:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=192045 The court held that wealth-tax paid by companies is not an allowable expenditure under the Indian Income-tax Act as it is a charge on ownership and not incidental to the business. Therefore, the wealth-tax paid cannot be claimed as a deductible expenditure. Additionally, the court ruled against the assessee's claim for extra depreciation allowance, stating that it cannot be claimed beyond the five-year limit ending March 31, 1959. The court directed the assessee in each case to pay costs to the department. Case-Laws Income Tax Wed, 16 Jan 1963 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=192045