https://www.taxtmi.com/caselaws?id=28614 The court ruled in favor of the assessee, allowing the deduction of income tax liability from the net wealth for the assessment year 1972-73. The Tribunal's decision was upheld, stating that the income tax liability outstanding on the valuation date should be deducted as per the definition of "net wealth" in the Wealth Tax Act. The judgment clarifies the eligibility criteria for deducting tax liabilities from the aggregate value of assets for wealth tax assessment, aligning with the law and benefiting the assessee. en-us Thu, 09 Dec 1982 00:00:00 +0530 Wed, 24 Feb 2010 11:22:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=28614 The court ruled in favor of the assessee, allowing the deduction of income tax liability from the net wealth for the assessment year 1972-73. The Tribunal's decision was upheld, stating that the income tax liability outstanding on the valuation date should be deducted as per the definition of "net wealth" in the Wealth Tax Act. The judgment clarifies the eligibility criteria for deducting tax liabilities from the aggregate value of assets for wealth tax assessment, aligning with the law and benefiting the assessee. Case-Laws Wealth-tax Thu, 09 Dec 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=28614