1988 (5) TMI 17 - HC - Wealth-tax

Summary

The High Court of Rajasthan answered a consolidated reference under the Wealth-tax Act, 1957, in favor of the assessee, holding that tax liability determined as a result of settlement was allowable as a deduction under section 2(m) of the Act for the purpose of computing net wealth. The Tribunal's view was upheld for both assessees and all relevant assessment years.