https://www.taxtmi.com/caselaws?id=36835 Tax liability on concealed income arose when the income was earned, and voluntary disclosure did not extinguish that existing obligation. Although the amount paid under section 68 of the Finance Act, 1965 was not taxed under the normal charging provisions, it was treated as income-tax paid in lieu of the ordinary charge and therefore stood on the same footing for wealth-tax purposes. As the liability existed on the relevant valuation dates, the amount was deductible as a debt owed under section 2(m) of the Wealth-tax Act, 1957. en-us Tue, 27 Jun 1978 00:00:00 +0530 Wed, 24 Mar 2010 18:28:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36835 Tax liability on concealed income arose when the income was earned, and voluntary disclosure did not extinguish that existing obligation. Although the amount paid under section 68 of the Finance Act, 1965 was not taxed under the normal charging provisions, it was treated as income-tax paid in lieu of the ordinary charge and therefore stood on the same footing for wealth-tax purposes. As the liability existed on the relevant valuation dates, the amount was deductible as a debt owed under section 2(m) of the Wealth-tax Act, 1957. Case-Laws Wealth-tax Tue, 27 Jun 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36835