https://www.taxtmi.com/caselaws?id=68910 The Appellate Tribunal ITAT Madras allowed the deduction of income tax liability under the Wealth-tax Act, 1957 as a "debt owed," clarifying that a liability to pay an ascertainable sum in the future qualifies as a debt owed, even if not determined or due at the valuation date. The Tribunal's decision aligned with interpretations by other High Courts and Supreme Court rulings, directing that the liability should be deducted in computing the net wealth of the assessee. The appeal by the department was allowed in favor of the assessee, emphasizing the broader interpretation of the term "debt owed" under the Wealth-tax Act. en-us Fri, 11 Aug 1978 00:00:00 +0530 Sat, 02 Apr 2011 13:10:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=68910 The Appellate Tribunal ITAT Madras allowed the deduction of income tax liability under the Wealth-tax Act, 1957 as a "debt owed," clarifying that a liability to pay an ascertainable sum in the future qualifies as a debt owed, even if not determined or due at the valuation date. The Tribunal's decision aligned with interpretations by other High Courts and Supreme Court rulings, directing that the liability should be deducted in computing the net wealth of the assessee. The appeal by the department was allowed in favor of the assessee, emphasizing the broader interpretation of the term "debt owed" under the Wealth-tax Act. Case-Laws Income Tax Fri, 11 Aug 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=68910