https://www.taxtmi.com/caselaws?id=8050 For wealth-tax valuation of unquoted shares on the break-up value method, the company's actual income-tax liability on the valuation date was a present and ascertainable debt owed, so any shortfall between that liability and the amount provided in the balance-sheet was deductible in computing net wealth. The assessee's own income-tax and wealth-tax liability, including advance tax already paid, was likewise a deductible debt because it had accrued as a present obligation by the valuation date. The Delhi HC therefore held that the actual tax liabilities, not merely the book provisions, had to be taken into account, and answered both references in favour of the assessee. en-us Thu, 11 Feb 1971 00:00:00 +0530 Fri, 27 Mar 2009 12:44:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=8050 For wealth-tax valuation of unquoted shares on the break-up value method, the company's actual income-tax liability on the valuation date was a present and ascertainable debt owed, so any shortfall between that liability and the amount provided in the balance-sheet was deductible in computing net wealth. The assessee's own income-tax and wealth-tax liability, including advance tax already paid, was likewise a deductible debt because it had accrued as a present obligation by the valuation date. The Delhi HC therefore held that the actual tax liabilities, not merely the book provisions, had to be taken into account, and answered both references in favour of the assessee. Case-Laws Wealth-tax Thu, 11 Feb 1971 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=8050