https://www.taxtmi.com/caselaws?id=39751 Amounts voluntarily disclosed under section 68 of the Finance Act, 1965 were treated as concealed income chargeable under the income-tax laws, not as a new and independent levy. The unpaid tax on that disclosed income was therefore regarded as income-tax liability referable to the underlying charging provisions and, being a present liability rather than a contingent one, existed on the valuation dates. The court rejected the argument that the liability arose only on disclosure in 1965 and could not affect earlier valuation dates. The tax debt was held deductible as a debt owed under section 2(m) of the Wealth-tax Act, 1957 in computing net wealth. en-us Thu, 02 May 1974 00:00:00 +0530 Tue, 20 Apr 2010 11:03:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=39751 Amounts voluntarily disclosed under section 68 of the Finance Act, 1965 were treated as concealed income chargeable under the income-tax laws, not as a new and independent levy. The unpaid tax on that disclosed income was therefore regarded as income-tax liability referable to the underlying charging provisions and, being a present liability rather than a contingent one, existed on the valuation dates. The court rejected the argument that the liability arose only on disclosure in 1965 and could not affect earlier valuation dates. The tax debt was held deductible as a debt owed under section 2(m) of the Wealth-tax Act, 1957 in computing net wealth. Case-Laws Wealth-tax Thu, 02 May 1974 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=39751