https://www.taxtmi.com/caselaws?id=37381 The High Court of Madras held that the tax payable under the Income-tax Act on the disclosed income should be deductible in computing the net wealth of the assessee for the relevant assessment years. The Court referred to precedents from various High Courts supporting this view and emphasized that the liability to pay income tax arises on the true income, including both disclosed and undisclosed income. The High Court concluded in favor of the assessee, allowing the deduction of the tax amount paid in determining the net wealth for the assessment years 1960-61 to 1965-66. en-us Fri, 24 Feb 1978 00:00:00 +0530 Mon, 29 Mar 2010 13:15:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37381 The High Court of Madras held that the tax payable under the Income-tax Act on the disclosed income should be deductible in computing the net wealth of the assessee for the relevant assessment years. The Court referred to precedents from various High Courts supporting this view and emphasized that the liability to pay income tax arises on the true income, including both disclosed and undisclosed income. The High Court concluded in favor of the assessee, allowing the deduction of the tax amount paid in determining the net wealth for the assessment years 1960-61 to 1965-66. Case-Laws Wealth-tax Fri, 24 Feb 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37381