https://www.taxtmi.com/caselaws?id=6390 The Supreme Court upheld the High Court's decision that the amount of Rs. 31,26,000 constituted a debt owed by the assessee-company under section 2(m)(ii) of the Wealth-tax Act, 1957. Despite the option for payment through share transfer and the controlling interest of the assessee in the other company, the court emphasized the separate legal entities of the companies and affirmed that the liability qualified as a debt. The appeals were dismissed, and the High Court's judgment in favor of the assessee was upheld. en-us Fri, 10 Nov 1972 00:00:00 +0530 Thu, 04 Dec 2008 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=6390 The Supreme Court upheld the High Court's decision that the amount of Rs. 31,26,000 constituted a debt owed by the assessee-company under section 2(m)(ii) of the Wealth-tax Act, 1957. Despite the option for payment through share transfer and the controlling interest of the assessee in the other company, the court emphasized the separate legal entities of the companies and affirmed that the liability qualified as a debt. The appeals were dismissed, and the High Court's judgment in favor of the assessee was upheld. Case-Laws Wealth-tax Fri, 10 Nov 1972 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=6390