https://www.taxtmi.com/caselaws?id=5882 Wealth-tax liability was deductible in computing net wealth for the relevant assessment year, and the deduction was allowed in favour of the assessee. Where earlier-year assessments were not finalised on the valuation date, the deductible liability had to be taken at the amount finally and actually ascertained on completion of those assessments, not at a merely estimated figure returned by the assessee. The governing principle was that net wealth must reflect the liability as ultimately determined, rather than a speculative estimate. Both questions were answered against the Revenue, and the deduction position was left undisturbed. en-us Fri, 21 Oct 1983 00:00:00 +0530 Fri, 28 Nov 2008 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=5882 Wealth-tax liability was deductible in computing net wealth for the relevant assessment year, and the deduction was allowed in favour of the assessee. Where earlier-year assessments were not finalised on the valuation date, the deductible liability had to be taken at the amount finally and actually ascertained on completion of those assessments, not at a merely estimated figure returned by the assessee. The governing principle was that net wealth must reflect the liability as ultimately determined, rather than a speculative estimate. Both questions were answered against the Revenue, and the deduction position was left undisturbed. Case-Laws Wealth-tax Fri, 21 Oct 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=5882