https://www.taxtmi.com/caselaws?id=23150 Tax paid on income disclosed voluntarily under section 68 of the Finance Act, 1965 was held deductible in computing net wealth under section 2(m) of the Wealth-tax Act, because the liability was treated as arising on the last day of the relevant financial year even though quantification and payment occurred later. The post-valuation date payment did not prevent the liability from being recognised for wealth-tax purposes, so the deduction was allowed in the assessee's favour. en-us Tue, 07 Mar 1989 00:00:00 +0530 Thu, 17 Dec 2009 11:10:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=23150 Tax paid on income disclosed voluntarily under section 68 of the Finance Act, 1965 was held deductible in computing net wealth under section 2(m) of the Wealth-tax Act, because the liability was treated as arising on the last day of the relevant financial year even though quantification and payment occurred later. The post-valuation date payment did not prevent the liability from being recognised for wealth-tax purposes, so the deduction was allowed in the assessee's favour. Case-Laws Wealth-tax Tue, 07 Mar 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=23150