https://www.taxtmi.com/caselaws?id=7375 Section 2(m)(iii) of the Wealth-tax Act could not be tested on vires in a reference of this kind, so the constitutional challenge failed. Income-tax arrears under certificate proceedings remained tax liabilities and were not deductible in computing net wealth. For share valuation on a break-up basis, the company's assessed net wealth under the Wealth-tax Act could not replace its actual net assets, because break-up value depends on physical assets less current liabilities and prior charge capital. On that test, deductions for goodwill, leasehold property, bad and doubtful debts, certificate debt and provision for taxation were allowable, while proposed dividends were not. en-us Fri, 14 Jun 1968 00:00:00 +0530 Thu, 19 Feb 2009 09:36:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=7375 Section 2(m)(iii) of the Wealth-tax Act could not be tested on vires in a reference of this kind, so the constitutional challenge failed. Income-tax arrears under certificate proceedings remained tax liabilities and were not deductible in computing net wealth. For share valuation on a break-up basis, the company's assessed net wealth under the Wealth-tax Act could not replace its actual net assets, because break-up value depends on physical assets less current liabilities and prior charge capital. On that test, deductions for goodwill, leasehold property, bad and doubtful debts, certificate debt and provision for taxation were allowable, while proposed dividends were not. Case-Laws Wealth-tax Fri, 14 Jun 1968 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=7375