https://www.taxtmi.com/caselaws?id=66926 The Tribunal upheld the disallowance of tax liabilities by the Wealth-tax Officer and the Appellate Assistant Commissioner. It was determined that the liabilities were not ascertained on the valuation dates, as the returns and assessments were completed after those dates. The Tribunal emphasized that for tax liabilities to be considered debts owed on the valuation date, they must be quantified and outstanding at that time. The reliance on judicial precedents did not sway the decision, leading to the dismissal of the appeals and confirmation of the AAC's order. en-us Fri, 12 Feb 1982 00:00:00 +0530 Tue, 08 Mar 2011 11:42:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=66926 The Tribunal upheld the disallowance of tax liabilities by the Wealth-tax Officer and the Appellate Assistant Commissioner. It was determined that the liabilities were not ascertained on the valuation dates, as the returns and assessments were completed after those dates. The Tribunal emphasized that for tax liabilities to be considered debts owed on the valuation date, they must be quantified and outstanding at that time. The reliance on judicial precedents did not sway the decision, leading to the dismissal of the appeals and confirmation of the AAC's order. Case-Laws Wealth-tax Fri, 12 Feb 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=66926