https://www.taxtmi.com/caselaws?id=7733 Income-tax demands payable under an instalment scheme are not treated as "outstanding" for more than twelve months on the valuation date under section 2(m)(iii)(b) of the Wealth-tax Act, 1957, where the assessee was entitled to pay only after that date. The statutory exclusion applies to tax amounts that are payable and remain outstanding on the valuation date; a liability falling due later cannot be characterised as overdue on that date. On that reasoning, the demand amounts due after the valuation date remained deductible as debts. en-us Tue, 08 Jul 1969 00:00:00 +0530 Wed, 18 Mar 2009 14:43:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=7733 Income-tax demands payable under an instalment scheme are not treated as "outstanding" for more than twelve months on the valuation date under section 2(m)(iii)(b) of the Wealth-tax Act, 1957, where the assessee was entitled to pay only after that date. The statutory exclusion applies to tax amounts that are payable and remain outstanding on the valuation date; a liability falling due later cannot be characterised as overdue on that date. On that reasoning, the demand amounts due after the valuation date remained deductible as debts. Case-Laws Wealth-tax Tue, 08 Jul 1969 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=7733