https://www.taxtmi.com/caselaws?id=8635 Tax liability is treated as a present debt for net wealth computation, and where income-tax, wealth-tax or gift-tax is finally quantified by assessment, rectification or reassessment before completion of the wealth-tax proceeding, the assessed amount governs the deduction rather than the figure shown in the return. The Gujarat HC also held that wealth-tax liabilities for earlier years do not fall within section 2(m)(iii)(a) unless the tax was outstanding on the valuation date; if the notice of demand is issued only after that date, the liability is not excluded and remains deductible in computing net wealth. The references were answered in favour of the assessee. en-us Mon, 26 Jun 1972 00:00:00 +0530 Fri, 08 May 2009 17:42:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=8635 Tax liability is treated as a present debt for net wealth computation, and where income-tax, wealth-tax or gift-tax is finally quantified by assessment, rectification or reassessment before completion of the wealth-tax proceeding, the assessed amount governs the deduction rather than the figure shown in the return. The Gujarat HC also held that wealth-tax liabilities for earlier years do not fall within section 2(m)(iii)(a) unless the tax was outstanding on the valuation date; if the notice of demand is issued only after that date, the liability is not excluded and remains deductible in computing net wealth. The references were answered in favour of the assessee. Case-Laws Wealth-tax Mon, 26 Jun 1972 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=8635