https://www.taxtmi.com/caselaws?id=71738 The Appellate Tribunal ITAT Pune ruled that tax liability on disclosed income should be considered as a debt owed on the valuation date under section 2(m) of the Wealth Tax Act. The Tribunal overturned the lower authority's decision and allowed the appeals, emphasizing the importance of including tax liability when assessing wealth, particularly when the income disclosure spans multiple assessment years. The judgment underscored the consistency in treating tax liability across different years and the relevance of legal precedents in determining deductions under the Wealth Tax Act. en-us Tue, 02 Feb 1982 00:00:00 +0530 Tue, 26 Apr 2011 17:52:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=71738 The Appellate Tribunal ITAT Pune ruled that tax liability on disclosed income should be considered as a debt owed on the valuation date under section 2(m) of the Wealth Tax Act. The Tribunal overturned the lower authority's decision and allowed the appeals, emphasizing the importance of including tax liability when assessing wealth, particularly when the income disclosure spans multiple assessment years. The judgment underscored the consistency in treating tax liability across different years and the relevance of legal precedents in determining deductions under the Wealth Tax Act. Case-Laws Wealth-tax Tue, 02 Feb 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=71738