https://www.taxtmi.com/caselaws?id=38496 The proportionate share of tax paid by a partner on disclosed income under section 68 of the Finance Act, 1965 was treated as a debt owed for wealth-tax purposes. The liability arose from the firm's voluntary disclosure, and the assessee's share of the tax paid on that disclosure was held deductible in computing net wealth under section 2(m) of the Wealth-tax Act, 1957. The point was treated as settled by an earlier binding decision on the same issue, which recognised the tax liability as an allowable debt on the relevant valuation date. en-us Tue, 06 Jul 1976 00:00:00 +0530 Tue, 06 Apr 2010 17:08:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=38496 The proportionate share of tax paid by a partner on disclosed income under section 68 of the Finance Act, 1965 was treated as a debt owed for wealth-tax purposes. The liability arose from the firm's voluntary disclosure, and the assessee's share of the tax paid on that disclosure was held deductible in computing net wealth under section 2(m) of the Wealth-tax Act, 1957. The point was treated as settled by an earlier binding decision on the same issue, which recognised the tax liability as an allowable debt on the relevant valuation date. Case-Laws Wealth-tax Tue, 06 Jul 1976 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=38496