https://www.taxtmi.com/caselaws?id=22009 Liability to income-tax and wealth-tax arising from voluntary disclosure of concealed income was treated as an existing obligation referable to the years in which the income accrued, even though its ascertainment occurred later under the disclosure scheme. The scheme was viewed as a mechanism for liquidating a pre-existing tax liability, not creating a fresh charge. On that basis, the disclosure-related tax demand was held to be a debt owed on the relevant valuation date and therefore admissible as a deduction in computing net wealth. The reference was answered in the assessee's favour. en-us Thu, 31 Jan 1991 00:00:00 +0530 Sat, 05 Dec 2009 13:54:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=22009 Liability to income-tax and wealth-tax arising from voluntary disclosure of concealed income was treated as an existing obligation referable to the years in which the income accrued, even though its ascertainment occurred later under the disclosure scheme. The scheme was viewed as a mechanism for liquidating a pre-existing tax liability, not creating a fresh charge. On that basis, the disclosure-related tax demand was held to be a debt owed on the relevant valuation date and therefore admissible as a deduction in computing net wealth. The reference was answered in the assessee's favour. Case-Laws Wealth-tax Thu, 31 Jan 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=22009