https://www.taxtmi.com/caselaws?id=19261 A provision made for purchase tax liability was treated as deductible in computing a partner's net wealth because the liability accrued when the taxable purchases were made and was an existing obligation, not a contingent one. Applying the meaning of "net wealth" and "debt owed" under section 2(m) of the Wealth-tax Act, the court held that a crystallised liability payable in praesenti qualifies for deduction. Authorities dealing with advance tax and income-tax were distinguished because purchase tax arose from the underlying purchases themselves, not from an assessment-dependent regime. The reference applications were declined. en-us Thu, 03 Nov 1994 00:00:00 +0530 Thu, 05 Nov 2009 10:42:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=19261 A provision made for purchase tax liability was treated as deductible in computing a partner's net wealth because the liability accrued when the taxable purchases were made and was an existing obligation, not a contingent one. Applying the meaning of "net wealth" and "debt owed" under section 2(m) of the Wealth-tax Act, the court held that a crystallised liability payable in praesenti qualifies for deduction. Authorities dealing with advance tax and income-tax were distinguished because purchase tax arose from the underlying purchases themselves, not from an assessment-dependent regime. The reference applications were declined. Case-Laws Wealth-tax Thu, 03 Nov 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=19261