TMI BlogAmendments at a glance, Provisions explainedX X X X Extracts X X X X X X X X Extracts X X X X ..... a)(iia), 58(1A) Disallowance of wealth-tax paid in computing income under the head "Profits and gains of business or profession" or "Income from other sources" 1-2 Circular No. 98, dated 16-12-1972 Explanatory Notes INCOME-TAX (AMENDMENT) ACT, 1972 1. In the case of Indian Aluminium Co. Ltd. v. CIT [1972] 84 ITR 736, the Supreme Court virtually overruled its earlier ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... be allowed as a deduction in computing his income chargeable under the head "Profits and gains of business or profession" or "Income from other sources". An independent provision has also been made in section 4 of the Amending Act in order to provide that wealth-tax will not be deductible in computing the taxable income under the head "Profits and gains of business or profession" or "Income from ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tax levied on motor vehicles used for that purpose) will continue to qualify for deduction as at present. The effect of the above provisions will, therefore, be that wealth-tax will not be allowed as deduction in computing the taxable income of an assessee for the assessment year 1957-58 or any subsequent year. Saving - With a view to giving sanctity to the decision of the Supreme Court, it ha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ut had only entered as an intervener in any other case. Even in the case of assessees who had gone up in appeal to the Supreme Court, wealth-tax will be allowed as a deduction in computing the business income only in respect of the years for which appeals were preferred. - Circular - Trade Notice - Public Notice - Instructions - Office orders Tax Management India - taxmanagementindia - taxmanag ..... X X X X Extracts X X X X X X X X Extracts X X X X
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