https://www.taxtmi.com/caselaws?id=186469 A present and enforceable obligation to pay income-tax, including unpaid advance tax instalments, was treated as a "debt owed" under section 2(m) of the Wealth-tax Act even though the amount might be quantified later, so the liability was deductible on the valuation date. For valuation under section 7(2)(a), depreciable assets shown in the balance-sheet were not required to be automatically substituted by written down value from income-tax records; such adjustment depends on the circumstances and the balance-sheet values are not to be disturbed mechanically. The assessee succeeded on the debt-deduction issue, while the Revenue succeeded on the valuation issue. en-us Mon, 15 Oct 1962 00:00:00 +0530 Mon, 19 Sep 2016 18:33:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=186469 A present and enforceable obligation to pay income-tax, including unpaid advance tax instalments, was treated as a "debt owed" under section 2(m) of the Wealth-tax Act even though the amount might be quantified later, so the liability was deductible on the valuation date. For valuation under section 7(2)(a), depreciable assets shown in the balance-sheet were not required to be automatically substituted by written down value from income-tax records; such adjustment depends on the circumstances and the balance-sheet values are not to be disturbed mechanically. The assessee succeeded on the debt-deduction issue, while the Revenue succeeded on the valuation issue. Case-Laws Income Tax Mon, 15 Oct 1962 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=186469