https://www.taxtmi.com/caselaws?id=276534 For wealth-tax purposes, an existing obligation on the valuation date may qualify as a debt even if payment or exact quantification occurs later, so advance tax already demanded but paid after that date was treated as deductible. Estimated business profits tax, being referable to an accrued obligation from past chargeable periods, was also considered a debt owed; however, estimated income-tax for the current year was not deductible because no operative charge had arisen on the valuation date. Gratuity liabilities dependent on future contingencies, such as retirement or termination events, were treated as contingent and not as existing debts, and were not deductible in computing net wealth. en-us Mon, 17 Apr 1961 00:00:00 +0530 Tue, 13 Nov 2018 14:47:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=276534 For wealth-tax purposes, an existing obligation on the valuation date may qualify as a debt even if payment or exact quantification occurs later, so advance tax already demanded but paid after that date was treated as deductible. Estimated business profits tax, being referable to an accrued obligation from past chargeable periods, was also considered a debt owed; however, estimated income-tax for the current year was not deductible because no operative charge had arisen on the valuation date. Gratuity liabilities dependent on future contingencies, such as retirement or termination events, were treated as contingent and not as existing debts, and were not deductible in computing net wealth. Case-Laws Income Tax Mon, 17 Apr 1961 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=276534