https://www.taxtmi.com/caselaws?id=21030 The court upheld the Tribunal's decision to deduct liabilities towards provision for income-tax and gratuity but not for proposed dividend. The deduction of income-tax liabilities was allowed unless found to be excessive, following the Gujarat High Court's decision. However, the proposed dividend could not be deducted as it was not declared before the valuation date. Liabilities towards gratuity were deemed justifiable as a known liability. The court affirmed the Tribunal's direction, allowing deductions for income-tax and gratuity but not for proposed dividend. en-us Wed, 09 Oct 1991 00:00:00 +0530 Wed, 18 Nov 2009 17:03:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=21030 The court upheld the Tribunal's decision to deduct liabilities towards provision for income-tax and gratuity but not for proposed dividend. The deduction of income-tax liabilities was allowed unless found to be excessive, following the Gujarat High Court's decision. However, the proposed dividend could not be deducted as it was not declared before the valuation date. Liabilities towards gratuity were deemed justifiable as a known liability. The court affirmed the Tribunal's direction, allowing deductions for income-tax and gratuity but not for proposed dividend. Case-Laws Wealth-tax Wed, 09 Oct 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=21030