https://www.taxtmi.com/caselaws?id=7325 A retrospectively inserted exclusion in section 2(m)(iii)(a) of the Wealth-tax Act applied to income-tax liability outstanding on the valuation date, even though the assessee had disputed the demand in appeal. Because the amendment was expressly deemed to have been part of the Act from 1 April 1957, the tax liability fell within the statutory exclusion from deductible debts and could not be deducted in computing net wealth. The assessee's challenge to the assessment did not alter the character of the liability for wealth-tax purposes once the retrospective amendment was applied. en-us Mon, 09 Sep 1968 00:00:00 +0530 Tue, 17 Feb 2009 20:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=7325 A retrospectively inserted exclusion in section 2(m)(iii)(a) of the Wealth-tax Act applied to income-tax liability outstanding on the valuation date, even though the assessee had disputed the demand in appeal. Because the amendment was expressly deemed to have been part of the Act from 1 April 1957, the tax liability fell within the statutory exclusion from deductible debts and could not be deducted in computing net wealth. The assessee's challenge to the assessment did not alter the character of the liability for wealth-tax purposes once the retrospective amendment was applied. Case-Laws Wealth-tax Mon, 09 Sep 1968 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=7325