https://www.taxtmi.com/caselaws?id=24334 Income-tax liability arising from a disclosure under section 3(1) of the Voluntary Disclosure of Income and Wealth Act, 1976 was treated as a debt owed for wealth-tax purposes because the liability was regarded as embedded in the concealed income on the valuation date, even though its ascertainment could occur later. The court applied the earlier binding view that such disclosure-linked tax liability is deductible in computing net wealth, following the approach adopted in relation to the Finance Act, 1965 scheme. The liability was therefore deductible in the assessee's net wealth, and the reference was answered in favour of the assessee. en-us Tue, 28 Feb 1989 00:00:00 +0530 Tue, 19 Jan 2010 13:05:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=24334 Income-tax liability arising from a disclosure under section 3(1) of the Voluntary Disclosure of Income and Wealth Act, 1976 was treated as a debt owed for wealth-tax purposes because the liability was regarded as embedded in the concealed income on the valuation date, even though its ascertainment could occur later. The court applied the earlier binding view that such disclosure-linked tax liability is deductible in computing net wealth, following the approach adopted in relation to the Finance Act, 1965 scheme. The liability was therefore deductible in the assessee's net wealth, and the reference was answered in favour of the assessee. Case-Laws Wealth-tax Tue, 28 Feb 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=24334