https://www.taxtmi.com/caselaws?id=5883 The Supreme Court confirmed the High Court's decision, allowing deductions for unpaid tax liabilities in computing the net wealth of the companies. The Court held that all debts, except those excluded under Section 2(m), should be deducted from the aggregate value of assets, rejecting the argument that debts must be related to declared assets. The Court also ruled that the unpaid tax liabilities did not fall within the exclusionary provision of Section 2(m)(iii) as they were not outstanding for more than 12 months on the valuation date. The appeals were dismissed with no costs ordered. en-us Mon, 28 Feb 1994 00:00:00 +0530 Fri, 28 Nov 2008 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=5883 The Supreme Court confirmed the High Court's decision, allowing deductions for unpaid tax liabilities in computing the net wealth of the companies. The Court held that all debts, except those excluded under Section 2(m), should be deducted from the aggregate value of assets, rejecting the argument that debts must be related to declared assets. The Court also ruled that the unpaid tax liabilities did not fall within the exclusionary provision of Section 2(m)(iii) as they were not outstanding for more than 12 months on the valuation date. The appeals were dismissed with no costs ordered. Case-Laws Wealth-tax Mon, 28 Feb 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=5883