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RAJA INDUSTRIES LTD. versus GOVERNMENT OF PUNJAB

The assessee, who asserted acceptance of deduction of the Income Tax Act 1922 section 10 (2) (xvi) and 66 wealth tax, claimed that the officer assessing the deduction of the proportional value of the wealth tax paid in respect of the income-tax assets. First Appellate Authority and Income Rejected The Tax Appellate Tribunal allowed the deduction, adopting the notion that the deduction under the liability of the Wealth Tax under section 10 (2) (xvi) of the Income Tax Act, 1922 was legally permissible. Was declared because the invaluable tax was not paid or fully spent. It could not be allowed as a deduction, especially for the purpose of such business, profession or profession. There was no special provision in the Property Income Tax Act, 1922, which allowed the taxation of wealth to be taxed this year. The cost was banned as a deduction. Wealth taxes can also jeopardize the existence of an asset, and therefore, the source of income is also liable to be taxed and is itself a purpose which cannot be separated from the conduct or continuity of a business. The use of the word purpose in the sub-clause must be viewed in the context of the fact that a viable income generating asset is a stock in the trade No business can earn any income from an asset if they pay tax. I am in custody due to default or the collection of the collection never objected to the deduction on the basis that the wealth tax was paid which was capital in nature. The High Court affirmed the deduction allowed by the appellate tribunal property advocate from Sakrand lawyer