https://www.taxtmi.com/caselaws?id=37161 Tax paid under section 68 of the Finance Act, 1965, on disclosed concealed income was treated as a deductible debt owed for wealth-tax purposes. The court reasoned that a statutory income-tax liability, once incurred and later quantified, is a present liability and ordinarily ranks as a debt owed under section 2(m) of the Wealth-tax Act, 1957. Although section 68 operated through a special voluntary disclosure mechanism rather than the ordinary charging provisions, the payment was regarded as tax paid in lieu of income-tax and attracted the same wealth-tax treatment. The question was therefore answered in the affirmative in favour of the assessee. en-us Tue, 27 Jun 1978 00:00:00 +0530 Sat, 27 Mar 2010 10:40:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37161 Tax paid under section 68 of the Finance Act, 1965, on disclosed concealed income was treated as a deductible debt owed for wealth-tax purposes. The court reasoned that a statutory income-tax liability, once incurred and later quantified, is a present liability and ordinarily ranks as a debt owed under section 2(m) of the Wealth-tax Act, 1957. Although section 68 operated through a special voluntary disclosure mechanism rather than the ordinary charging provisions, the payment was regarded as tax paid in lieu of income-tax and attracted the same wealth-tax treatment. The question was therefore answered in the affirmative in favour of the assessee. Case-Laws Wealth-tax Tue, 27 Jun 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37161