Supreme Court of India
Ahmed Ibrahim Sahigra Dhoraji v. Commissioner of Wealth Tax, Gujarat
INSC stands for INDIAN SUPREME COURT. A neutral citation scheme assigned by the Court itself, so a judgment can be cited without depending on a commercial law reporter. INSC is the neutral citation scheme assigned by the Supreme Court, so a judgment can be cited without depending on a commercial law reporter.
2 Supreme Court benches have cited this judgment.
What the Court ordered
In the result these appeals are allowed, the judgment of the High Court is set aside and the questions referred to it are answered in the affirmative and in favour of the assessee.
Judgment, page 17
From the headnote
Wealth Tax Act, 1957-Section 2(m)-Finance Act, 1965 gave incentives for voluntary disclosute of concealed income·-Assessee declared large amount of such income and paid tax as provided by Finance Act-Tax so paid-Whether an allowable deduction as "debt owed" under the Wealth Tax Act. As part of a measure to mop up unaccountt!d money on which no income tax had been paid, an incentive scheme was prepared by the Government under which a person disclosing such income was required to pay a specified rate of tax without attracting the penal provisions of the Income Tax Act. Section 68 of the Finance
Where later benches applied it
- 1992 R.K. Deo v. Commissioner of Wealth-tax, Orissa.
- 1981 Jamnaprasad Kanhaiyalal v. Commissioner of Income-tax, M.P., Bhopal
Of those, 2 mentioned
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