https://www.taxtmi.com/caselaws?id=49256 The court held that wealth-tax paid by a company is not deductible under section 10(2)(xv) of the Indian Income-tax Act as it is imposed on the owner of assets, not on the business activity itself. The expenditure must be directly connected with the business and incurred in the capacity as a trader to qualify for deduction. The court emphasized that tax paid on net wealth does not meet the criteria for a permissible deduction under the Income-tax Act, leading to the dismissal of the appeal. en-us Mon, 17 Jan 1966 00:00:00 +0530 Thu, 07 Jun 2018 15:08:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=49256 The court held that wealth-tax paid by a company is not deductible under section 10(2)(xv) of the Indian Income-tax Act as it is imposed on the owner of assets, not on the business activity itself. The expenditure must be directly connected with the business and incurred in the capacity as a trader to qualify for deduction. The court emphasized that tax paid on net wealth does not meet the criteria for a permissible deduction under the Income-tax Act, leading to the dismissal of the appeal. Case-Laws Income Tax Mon, 17 Jan 1966 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=49256