https://www.taxtmi.com/caselaws?id=70345 A quantified liability remains a debt owed for wealth-tax purposes if it is outstanding on the valuation date, even where an appeal is pending or a stay has been sought, unless the statute expressly excludes deduction. On that basis, disputed sales-tax dues continued to be deductible because the underlying statutory liability had been determined and was still enforceable. The same approach applied to a penalty under foreign exchange law: although challenged and stayed, it remained a subsisting liability and a deductible debt in computing net wealth. The stated ratio is that pendency of proceedings does not extinguish an existing liability for wealth-tax purposes. en-us Mon, 22 Nov 1982 00:00:00 +0530 Fri, 15 Apr 2011 17:00:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=70345 A quantified liability remains a debt owed for wealth-tax purposes if it is outstanding on the valuation date, even where an appeal is pending or a stay has been sought, unless the statute expressly excludes deduction. On that basis, disputed sales-tax dues continued to be deductible because the underlying statutory liability had been determined and was still enforceable. The same approach applied to a penalty under foreign exchange law: although challenged and stayed, it remained a subsisting liability and a deductible debt in computing net wealth. The stated ratio is that pendency of proceedings does not extinguish an existing liability for wealth-tax purposes. Case-Laws Wealth-tax Mon, 22 Nov 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=70345