659/CBDT.

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..... of time prior to 1st March 1965. Hence no liability to tax on the disclosed income should be deducted from the gross wealth on any of the valuation dates prior to 1st March, 1965. 2. The Board are now advised that a modification of these instructions is called for. A Single Bench of the Kerala High Court in the case of C.K. Babu Naidu 982 ITR 410) had supported the view held by the Department. .....

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..... duction in respect of income-tax which was payable by the party on the particular income which was added to their net wealth. Consequently once spread-over claimed by the party is accepted, the consequential deduction of tax payable on the said income should be allowed as a deduction. 3. A similar deduction would be available in the Estate assessments as well if the income in question forms part .....

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