https://www.taxtmi.com/caselaws?id=24628 Tax liability determined pursuant to a settlement was treated as deductible under section 2(m) of the Wealth-tax Act, 1957 while computing net wealth, even though it did not arise directly from the Income-tax Act or the Wealth-tax Act. The High Court applied an earlier binding decision that recognised such settlement-based tax liability as an allowable deduction under section 2(m). On that basis, the Tribunal's approach was found consistent with the settled legal position and was upheld in favour of the assessee. en-us Fri, 06 May 1988 00:00:00 +0530 Thu, 21 Jan 2010 13:16:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=24628 Tax liability determined pursuant to a settlement was treated as deductible under section 2(m) of the Wealth-tax Act, 1957 while computing net wealth, even though it did not arise directly from the Income-tax Act or the Wealth-tax Act. The High Court applied an earlier binding decision that recognised such settlement-based tax liability as an allowable deduction under section 2(m). On that basis, the Tribunal's approach was found consistent with the settled legal position and was upheld in favour of the assessee. Case-Laws Wealth-tax Fri, 06 May 1988 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=24628