1977 (1) TMI 6 - SC - Wealth-tax

Question Of Law - Whether tax relating to concealed income of earlier years can be deducted from net wealth - question of law - whether the Tribunal was justified on allowing the tax payable on concealed income of earlier years - Tribunal should refer that question to the High Court.

Summary

The Supreme Court allowed the appeal in a wealth-tax case, directing the Tribunal to refer questions regarding the inclusion of concealed income in wealth computation. The Tribunal was instructed to refer questions about the amounts of Rs. 59,48,714 and Rs. 18,61,788 to the High Court under section 27 of the Wealth-tax Act.