Amendments at a glance, Provisions explained

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.... INCOME-TAX ACT 40(a)(iia), 58(1A) Disallowance of wealth-tax paid in computing income under the head "Profits and gains of business or profession" or "Income from other sources" 1-2   Circular No. 98, dated 16-12-1972 Explanatory Notes INCOME-TAX (AMENDMENT) ACT, 1972 1. In the case of Indian Aluminium Co. Ltd. v. CIT [1972] 84 ITR 736, the Supreme Court virtually over....

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....sessee will not be allowed as a deduction in computing his income chargeable under the head "Profits and gains of business or profession" or "Income from other sources". An independent provision has also been made in section 4 of the Amending Act in order to provide that wealth-tax will not be deductible in computing the taxable income under the head "Profits and gains of business or profession" o....

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.... or motor vehicles tax levied on motor vehicles used for that purpose) will continue to qualify for deduction as at present. The effect of the above provisions will, therefore, be that wealth-tax will not be allowed as deduction in computing the taxable income of an assessee for the assessment year 1957-58 or any subsequent year. Saving - With a view to giving sanctity to the decision of the....