https://www.taxtmi.com/caselaws?id=37739 The Tribunal upheld the Appellate Assistant Commissioner's decision allowing the deduction of income-tax liability paid on undisclosed income under section 68 of the Finance Act, 1965 in the calculation of net wealth for wealth-tax assessment. The court determined that the tax liability constituted a debt under the Wealth-tax Act, supporting the assessee's claim for deduction. Additionally, it clarified that for the tax amount to be deductible, an assessment order must be passed, and the tax must be considered a present debt. The decision favored the assessee, ensuring consistency with legal principles and previous judgments. en-us Tue, 18 Jul 1978 00:00:00 +0530 Wed, 31 Mar 2010 17:15:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37739 The Tribunal upheld the Appellate Assistant Commissioner's decision allowing the deduction of income-tax liability paid on undisclosed income under section 68 of the Finance Act, 1965 in the calculation of net wealth for wealth-tax assessment. The court determined that the tax liability constituted a debt under the Wealth-tax Act, supporting the assessee's claim for deduction. Additionally, it clarified that for the tax amount to be deductible, an assessment order must be passed, and the tax must be considered a present debt. The decision favored the assessee, ensuring consistency with legal principles and previous judgments. Case-Laws Wealth-tax Tue, 18 Jul 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37739