https://www.taxtmi.com/caselaws?id=38732 The court ruled in favor of the assessee, allowing the deduction of income tax liability under section 68 in the computation of net wealth for wealth tax purposes. The judgment clarified that income tax liability is a present obligation, regardless of when it is quantified, and that the tax paid under section 68 is in satisfaction of the liability under the Income-tax Act, not a new liability. The decision provided a detailed analysis of tax liabilities, disclosures, and deductions under the Income-tax Act and the Wealth-tax Act. en-us Fri, 11 Jul 1975 00:00:00 +0530 Thu, 08 Apr 2010 16:15:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=38732 The court ruled in favor of the assessee, allowing the deduction of income tax liability under section 68 in the computation of net wealth for wealth tax purposes. The judgment clarified that income tax liability is a present obligation, regardless of when it is quantified, and that the tax paid under section 68 is in satisfaction of the liability under the Income-tax Act, not a new liability. The decision provided a detailed analysis of tax liabilities, disclosures, and deductions under the Income-tax Act and the Wealth-tax Act. Case-Laws Wealth-tax Fri, 11 Jul 1975 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=38732