1986 (3) TMI 25 - HC - Wealth-tax

Summary

The High Court of Delhi disposed of Wealth-tax References relating to assessment years 1957-58, 1958-59, 1959-60, and 1963-64. The Tribunal was right in holding that income-tax liability relating to secreted income disclosed under section 68 of the Finance Act, 1965, is deductible under the Wealth-tax Act, 1957. The court referred to previous decisions in support of this conclusion. Each party bears their own costs.