https://www.taxtmi.com/caselaws?id=8164 In wealth-tax computation, assessed income-tax and super-tax outstanding for more than one year or in dispute were treated as excluded under section 2(m)(iii) and therefore not deductible as debts owed, while a provision for the accounting year's crystallised tax liability was deductible. A provision for proposed dividend was not a deductible debt owed and was disallowed. The balance of demand payable under the findings and orders of the Income-tax Investigation Commission was treated as a debt owed and allowed as a deduction. The governing principle is that only legally deductible liabilities existing on the valuation date can reduce net wealth. en-us Wed, 29 Apr 1970 00:00:00 +0530 Tue, 31 Mar 2009 17:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=8164 In wealth-tax computation, assessed income-tax and super-tax outstanding for more than one year or in dispute were treated as excluded under section 2(m)(iii) and therefore not deductible as debts owed, while a provision for the accounting year's crystallised tax liability was deductible. A provision for proposed dividend was not a deductible debt owed and was disallowed. The balance of demand payable under the findings and orders of the Income-tax Investigation Commission was treated as a debt owed and allowed as a deduction. The governing principle is that only legally deductible liabilities existing on the valuation date can reduce net wealth. Case-Laws Income Tax Wed, 29 Apr 1970 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=8164