https://www.taxtmi.com/caselaws?id=37705 The Court held in favor of the assessee, ruling that the Wealth-tax Officer had valid reason to believe that wealth had escaped assessment based on the voluntary disclosure made by the assessee. The Court also determined that the income-tax liability disclosed should have been deducted in calculating the net wealth of the appellant, contrary to the Tribunal's decision. The Court referred to various High Court decisions to support its interpretation that the tax paid under s. 68 of the Finance Act was indeed income-tax and should be deducted. en-us Tue, 11 Apr 1978 00:00:00 +0530 Wed, 31 Mar 2010 15:38:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37705 The Court held in favor of the assessee, ruling that the Wealth-tax Officer had valid reason to believe that wealth had escaped assessment based on the voluntary disclosure made by the assessee. The Court also determined that the income-tax liability disclosed should have been deducted in calculating the net wealth of the appellant, contrary to the Tribunal's decision. The Court referred to various High Court decisions to support its interpretation that the tax paid under s. 68 of the Finance Act was indeed income-tax and should be deducted. Case-Laws Wealth-tax Tue, 11 Apr 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37705