Disallowability of wealth-tax liability as a deduction for computing net wealth under the Wealth-tax Act, 1957, consequent to amendment of section 2(m) with effect from April 1, 1993
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Deductibility of wealth-tax liability restricted: statutory personal liability not deductible when computing taxable net wealth. The Board clarifies that wealth-tax liability is a personal statutory liability, not a debt incurred in relation to assets liable to wealth-tax; therefore, following the amendment to the definition of debts allowable for computing net wealth effective from assessment year 1993-94, wealth-tax liability is not deductible in computing the taxable net wealth of the assessee.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Deductibility of wealth-tax liability restricted: statutory personal liability not deductible when computing taxable net wealth.
The Board clarifies that wealth-tax liability is a personal statutory liability, not a debt incurred in relation to assets liable to wealth-tax; therefore, following the amendment to the definition of debts allowable for computing net wealth effective from assessment year 1993-94, wealth-tax liability is not deductible in computing the taxable net wealth of the assessee.
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