https://www.taxtmi.com/caselaws?id=7364 Income-tax liabilities that had accrued as present obligations on the valuation date were held to be debts owed under the Wealth-tax Act, even if quantification occurred later or part of the demand was under appeal; the assessee could not bypass the statutory rectification route for the appeal-related component, but the liabilities themselves remained deductible. A provision for additional super-tax under section 23A of the Income-tax Act, 1922, was not deductible because liability arose only when the discretionary statutory order was passed, which had not happened by the valuation date. Advance tax payable under section 18A was likewise a present enforceable liability and therefore deductible, including where the amount was based on the assessee's own estimate. en-us Wed, 09 Aug 1967 00:00:00 +0530 Wed, 18 Feb 2009 18:24:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=7364 Income-tax liabilities that had accrued as present obligations on the valuation date were held to be debts owed under the Wealth-tax Act, even if quantification occurred later or part of the demand was under appeal; the assessee could not bypass the statutory rectification route for the appeal-related component, but the liabilities themselves remained deductible. A provision for additional super-tax under section 23A of the Income-tax Act, 1922, was not deductible because liability arose only when the discretionary statutory order was passed, which had not happened by the valuation date. Advance tax payable under section 18A was likewise a present enforceable liability and therefore deductible, including where the amount was based on the assessee's own estimate. Case-Laws Wealth-tax Wed, 09 Aug 1967 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=7364