https://www.taxtmi.com/caselaws?id=8061 The court held that the tax payable on concealed income should be included in the total wealth of the assessee for the assessment year 1960-61. The assessee was entitled to deduction of income-tax payable on the concealed income included in his wealth for the assessment year under consideration. The court emphasized that the liability to pay tax arises on true income, whether disclosed or undisclosed, and should be deducted in computing the net wealth based on established legal precedents and provisions of the Wealth-tax Act. en-us Sat, 19 Dec 1970 00:00:00 +0530 Fri, 27 Mar 2009 17:50:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=8061 The court held that the tax payable on concealed income should be included in the total wealth of the assessee for the assessment year 1960-61. The assessee was entitled to deduction of income-tax payable on the concealed income included in his wealth for the assessment year under consideration. The court emphasized that the liability to pay tax arises on true income, whether disclosed or undisclosed, and should be deducted in computing the net wealth based on established legal precedents and provisions of the Wealth-tax Act. Case-Laws Wealth-tax Sat, 19 Dec 1970 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=8061