https://www.taxtmi.com/caselaws?id=8358 A tax liability settled between the assessee and the department crystallised as a debt on the date the settlement terms were accepted, even though the formal approval order came later, because the arrangement already fixed the concealed income, tax liability and instalment mode of payment. For wealth-tax purposes, the exception for tax "outstanding" for more than twelve months was construed strictly: only the instalment that had actually fallen due and remained unpaid on the valuation date could be treated as outstanding. The balance of instalments not yet due was not excluded merely because the full settled amount remained unpaid. The settled tax liability was therefore deductible as a debt owed. en-us Fri, 03 Dec 1971 00:00:00 +0530 Fri, 10 Apr 2009 16:50:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=8358 A tax liability settled between the assessee and the department crystallised as a debt on the date the settlement terms were accepted, even though the formal approval order came later, because the arrangement already fixed the concealed income, tax liability and instalment mode of payment. For wealth-tax purposes, the exception for tax "outstanding" for more than twelve months was construed strictly: only the instalment that had actually fallen due and remained unpaid on the valuation date could be treated as outstanding. The balance of instalments not yet due was not excluded merely because the full settled amount remained unpaid. The settled tax liability was therefore deductible as a debt owed. Case-Laws Wealth-tax Fri, 03 Dec 1971 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=8358