https://www.taxtmi.com/caselaws?id=5370 Income-tax liability is treated as a debt for wealth-tax purposes under section 2(m) of the Wealth-tax Act, 1957, but deduction is denied where the liability falls within the statutory exclusions. The text explains that clause (iii)(b) bars deduction if the amount remained outstanding for more than twelve months on the valuation date, and that a later formal order following final adjudication does not restart that period. It also notes that, under clause (iii)(a), the debt remains outside deduction where the amount was outstanding on the valuation date and was disputed in appeal, revision or similar proceedings. The disputed tax liability was therefore not deductible in computing net wealth. en-us Tue, 12 May 1992 00:00:00 +0530 Mon, 24 Nov 2008 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=5370 Income-tax liability is treated as a debt for wealth-tax purposes under section 2(m) of the Wealth-tax Act, 1957, but deduction is denied where the liability falls within the statutory exclusions. The text explains that clause (iii)(b) bars deduction if the amount remained outstanding for more than twelve months on the valuation date, and that a later formal order following final adjudication does not restart that period. It also notes that, under clause (iii)(a), the debt remains outside deduction where the amount was outstanding on the valuation date and was disputed in appeal, revision or similar proceedings. The disputed tax liability was therefore not deductible in computing net wealth. Case-Laws Wealth-tax Tue, 12 May 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=5370