Amendments at a glance, Provisions explained

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....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 overruled its earlier decision in Travancore Titanium Products Ltd. v. CIT [1966] 69 ITR 277 and held that wea....

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.... 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and gains of business or profession" or "Income from other sources" under the Indian Income-tax Act, 1922 (since repealed). For the purposes of thes....

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....esent. 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 Supreme Court, it has been specifically provided that the provisions made under the Amending Act will not apply to the as....