https://www.taxtmi.com/caselaws?id=19478 A proportionate provision for purchase tax liability was treated as an existing, accrued liability rather than a contingent claim, because the obligation arose when the purchases were made. In computing net wealth under section 2(m) of the Wealth-tax Act, only amounts that are not debts owed on the valuation date are excluded. Applying the distinction between contingent liability and a perfected debt, the provision was regarded as a liability in praesenti and the partners' proportionate share was held deductible in determining net wealth. en-us Thu, 03 Nov 1994 00:00:00 +0530 Fri, 06 Nov 2009 14:04:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=19478 A proportionate provision for purchase tax liability was treated as an existing, accrued liability rather than a contingent claim, because the obligation arose when the purchases were made. In computing net wealth under section 2(m) of the Wealth-tax Act, only amounts that are not debts owed on the valuation date are excluded. Applying the distinction between contingent liability and a perfected debt, the provision was regarded as a liability in praesenti and the partners' proportionate share was held deductible in determining net wealth. Case-Laws Wealth-tax Thu, 03 Nov 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=19478