https://www.taxtmi.com/caselaws?id=8970 Tax paid on concealed income under section 68 of the Finance Act, 1965 is treated as a separate and distinct charge on disclosed income, not as a concessional quantification of the general income-tax liability under the Income-tax Acts. Because the levy operates ad hoc and outside the normal incidents of assessment, the amount paid under that disclosure scheme is withdrawn from assessability under the Income-tax Act. It therefore does not represent a pre-existing income-tax debt owed by the assessee and cannot be deducted as a debt in computing net wealth for wealth-tax purposes. The issue is resolved against deductibility and in favour of the Revenue. en-us Thu, 21 Dec 1972 00:00:00 +0530 Wed, 17 Jun 2009 18:04:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=8970 Tax paid on concealed income under section 68 of the Finance Act, 1965 is treated as a separate and distinct charge on disclosed income, not as a concessional quantification of the general income-tax liability under the Income-tax Acts. Because the levy operates ad hoc and outside the normal incidents of assessment, the amount paid under that disclosure scheme is withdrawn from assessability under the Income-tax Act. It therefore does not represent a pre-existing income-tax debt owed by the assessee and cannot be deducted as a debt in computing net wealth for wealth-tax purposes. The issue is resolved against deductibility and in favour of the Revenue. Case-Laws Wealth-tax Thu, 21 Dec 1972 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=8970