https://www.taxtmi.com/caselaws?id=6514 A provision made for tax liability after reducing the last instalment of advance tax was treated as a debt owed on the relevant valuation date for purposes of net wealth computation. The Court followed its earlier majority ruling in Assam Oil Co. and declined to reopen the issue, holding that such an estimated tax provision is deductible under section 2(m) of the Wealth-tax Act, 1957. The answer to the referred question was therefore in favour of the assessee and against the revenue. en-us Wed, 01 Dec 1976 00:00:00 +0530 Fri, 05 Dec 2008 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=6514 A provision made for tax liability after reducing the last instalment of advance tax was treated as a debt owed on the relevant valuation date for purposes of net wealth computation. The Court followed its earlier majority ruling in Assam Oil Co. and declined to reopen the issue, holding that such an estimated tax provision is deductible under section 2(m) of the Wealth-tax Act, 1957. The answer to the referred question was therefore in favour of the assessee and against the revenue. Case-Laws Wealth-tax Wed, 01 Dec 1976 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=6514