https://www.taxtmi.com/caselaws?id=14354 The High Court of Kerala ruled against the assessee's claim for deduction of provision made for purchase tax in 1981-82 based on provisional assessment to sales tax for 1976-77. The court emphasized that the quantification of tax liability is determined by the ultimate judicial authority, impacting the existence of a debt owed by the assessee on the valuation date. The court differentiated the case from previous decisions and clarified that the Supreme Court's decision cited was specific to the Wealth-tax Act. The judgment underscored the significance of the timing of tax liability crystallization and the influence of judicial determinations on the debt owed by the assessee. en-us Wed, 28 Feb 2001 00:00:00 +0530 Wed, 15 Jul 2009 13:30:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=14354 The High Court of Kerala ruled against the assessee's claim for deduction of provision made for purchase tax in 1981-82 based on provisional assessment to sales tax for 1976-77. The court emphasized that the quantification of tax liability is determined by the ultimate judicial authority, impacting the existence of a debt owed by the assessee on the valuation date. The court differentiated the case from previous decisions and clarified that the Supreme Court's decision cited was specific to the Wealth-tax Act. The judgment underscored the significance of the timing of tax liability crystallization and the influence of judicial determinations on the debt owed by the assessee. Case-Laws Wealth-tax Wed, 28 Feb 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=14354