https://www.taxtmi.com/caselaws?id=9002 The court concluded that the liability for payment of bonus did not constitute a "debt owed" by the assessee on the relevant valuation date as the claim for bonus was settled and the amount determined after that date. Therefore, the bonus payment was not deductible in computing the net wealth of the assessee under the Wealth-tax Act, 1957. The court answered the question in the negative and directed the assessee to pay the cost of the reference to the Commissioner. en-us Thu, 13 Jul 1972 00:00:00 +0530 Thu, 18 Jun 2009 16:27:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=9002 The court concluded that the liability for payment of bonus did not constitute a "debt owed" by the assessee on the relevant valuation date as the claim for bonus was settled and the amount determined after that date. Therefore, the bonus payment was not deductible in computing the net wealth of the assessee under the Wealth-tax Act, 1957. The court answered the question in the negative and directed the assessee to pay the cost of the reference to the Commissioner. Case-Laws Wealth-tax Thu, 13 Jul 1972 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=9002