1993 PLP 1590 (PTD)
COMMISSIONER OF WEALTH TAX Versus SHEO KUMAR GUPTA
| Citation | 1993 PLP 1590 (PTD) |
| Forum / Court | 201 I T R 324 |
| Bench Members | Kuldip Singh and S.P. Bharucha, JJ |
| Parties | COMMISSIONER OF WEALTH TAX Versus SHEO KUMAR GUPTA |
| Primary Law | Wealth tax |
Q1: What are the key laws and sections cited in 1993 PLP 1590 (PTD)?
This judgment primarily cites: Wealth tax as referenced in Pakistani case law index.
Q2: Which judicial bench decided the case 1993 PLP 1590 (PTD)?
The case was heard and decided by the 201 I T R 324 bench comprising: Kuldip Singh and S.P. Bharucha, JJ.
Q3: What is the official citation format for this judgment on Pakistan Law Portal?
Cite this legal precedent as: 1993 PLP 1590 (PTD) (COMMISSIONER OF WEALTH TAX Versus SHEO KUMAR GUPTA). Read the full summary and cross-referenced laws free on Pakistan Law Portal.
Laws Cited
Representation
- Dr. S. Narayanan, G. Venkatesa Rao, P. Parameswaran and Ms. A. Subhashini, Advocates for Appellant.
- Nemo for Respondent.
Headnotes / Summary
(Appeal from the judgment and order, dated July 6, 1976, of the Allahabad High Court in W.T.R. No. 348 of 1972).
Net wealth
Debts owed
Voluntary disclosure of income by firm
Partner paying his share of firm's tax
Tax paid deductible as "debt owed" in computing his net wealth
Indian Wealth Tax Act, 1957, S. 2(m)-- Finance Act, 1965, S.
68. From the decision of the Allahabad High Court in CWT v. Sheo Kumar Gupta (1978) 111 ITR 92 to the effect that the amount paid by the respondent, a partner in a firm, towards his share of the tax payable on the income voluntarily disclosed by the firm under section 68 of the Finance Act, 1965, was deductible as "debt owed" in computing the net wealth of the respondent on the relevant valuation date, the department preferred appeals to the Supreme Court. Following the decision in CWT v. B.K. Sharma (1991) 187 ITR 325 (SC), the Supreme Court dismissed the appeals. CWT v. B.K. Sharma (1991) 187 ITR 325 (SC) fol. CWT v. Sheo Kumar Gupta (1978) 111 ITR 92 affirmed.
Judgment & Decree
Learned counsel for the appellant fairly states that the point involved in this appeal is covered against the appellant by the judgment of this Court in CWT v. B.K. Sharma (1991) 187 ITR
325. In view of the judgment in B.K. Sharma's case (1991) 187 I T R 325 (SC) and for the reasons recorded therein, we dismiss this appeal. No costs. M.BA/2455/T Appeals dismissed.