| Citation(s) |
|---|
| 1993 SLG 367 1993 SLD 367 1993 PTD 1590 (1993) 201 ITR 324 |
Supreme Court of India
Civil Appeals Nos. 1544 and 1545 of 1977, decision dated: 24-02-1993
KULDIP SINGH AND S.P. BHARUCHA, JJ
Dr. S. Narayanan, G. Venkatesa Rao, P. Parameswaran and Ms. A. Subhashini, Advocates for Appellant. Nemo
Civil Appeals Nos. 1544 and 1545 of 1977, decision dated: 24-02-1993
KULDIP SINGH AND S.P. BHARUCHA, JJ
Dr. S. Narayanan, G. Venkatesa Rao, P. Parameswaran and Ms. A. Subhashini, Advocates for Appellant. Nemo
COMMISSIONER OF WEALTH TAX
VS
SHEO KUMAR GUPTA
Law:
Section:
Wealth tax-- -----Net wealth---Deductions---Debts owed---Voluntary disclosure of income by firm---Partner paying his share of firm's tax---Tax paid deductible as "debt owed" in computing his net wealth---Indian Wealth Tax Act, 1957, S. 2(m)--Finance Act, 1965, S. 68. From the decision of the Allahabad High Court in CWT v. Sheo Kumar Gupta (1978) 111 ITR 92 to the effect that the amount paid by the respondent, a partner in a firm, towards his share of the tax payable on the income voluntarily disclosed by the firm under section 68 of the Finance Act, 1965, was deductible as "debt owed" in computing the net wealth of the respondent on the relevant valuation date, the department preferred appeals to the…
Deprecated: trim(): Passing null to parameter #1 ($string) of type string is deprecated in /home/digixyei/sldsystempk.com/view/master-layout/view_case.php on line 492