1970 (4) TMI 56 - HC - Income Tax

Whether the amount being provision for payment of income-tax and super-tax provision for proposed dividend was deductible in computing the net wealth of the assessee

Summary

The High Court of Allahabad addressed three questions under the Wealth-tax Act:
1. Amount of Rs. 13,54,243 for income tax and super-tax: Rs. 50,000 deductible, rest not.
2. Provision for proposed dividend of Rs. 22,500 not deductible.
3. Balance of demand payable due to Income-tax Investigation Commission, Rs. 21,61,788, is deductible.