(Appeal from the judgment and order, dated July 6, 1976, of the Allahabad High Court in W.T.R. No. 348 of 1972).

Wealth tax--

-----Net wealth---Deductions---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.

Dr. S. Narayanan, G. Venkatesa Rao, P. Parameswaran and Ms. A. Subhashini, Advocates for Appellant.

Nemo for Respondent.

JUDGMENT

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.