https://www.taxtmi.com/caselaws?id=37952 The High Court of Patna ruled in favor of the assessee partners in a tax reference case, allowing the deduction of tax liability on disclosed income as a debt owed under s. 2(m) of the W.T. Act. The court emphasized the partners' entitlement to claim the tax liability deduction, citing the Kesoram Cotton Mills' case. The court dismissed the department's argument against deductibility, stating that once the income is included in the partners' wealth, they have the legal right to deduct the tax liability. The judgment favored the assessee partners, granting them costs. en-us Thu, 21 Sep 1978 00:00:00 +0530 Fri, 02 Apr 2010 12:49:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37952 The High Court of Patna ruled in favor of the assessee partners in a tax reference case, allowing the deduction of tax liability on disclosed income as a debt owed under s. 2(m) of the W.T. Act. The court emphasized the partners' entitlement to claim the tax liability deduction, citing the Kesoram Cotton Mills' case. The court dismissed the department's argument against deductibility, stating that once the income is included in the partners' wealth, they have the legal right to deduct the tax liability. The judgment favored the assessee partners, granting them costs. Case-Laws Wealth-tax Thu, 21 Sep 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37952