https://www.taxtmi.com/caselaws?id=55303 The Tribunal upheld the decision of the CWT (Appeals) regarding the disallowance of deductions for penalties and interest in the computation of new wealth. It concluded that penalties and interest, imposed after the relevant valuation dates, cannot be treated similarly to tax for deduction purposes. The Tribunal emphasized that each item is deductible on its own under specified circumstances, rejecting the argument to club penalties and interest with tax as one term for deduction purposes. As a result, the appeals were dismissed, affirming the decision on penalties and interest deductions. en-us Fri, 15 Jan 1988 00:00:00 +0530 Thu, 25 Nov 2010 13:13:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=55303 The Tribunal upheld the decision of the CWT (Appeals) regarding the disallowance of deductions for penalties and interest in the computation of new wealth. It concluded that penalties and interest, imposed after the relevant valuation dates, cannot be treated similarly to tax for deduction purposes. The Tribunal emphasized that each item is deductible on its own under specified circumstances, rejecting the argument to club penalties and interest with tax as one term for deduction purposes. As a result, the appeals were dismissed, affirming the decision on penalties and interest deductions. Case-Laws Wealth-tax Fri, 15 Jan 1988 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=55303