https://www.taxtmi.com/caselaws?id=289962 The court held that the Wealth Tax Officer was justified in considering the revalued assets as shown in the balance sheet for net wealth computation. The proposed dividend was not deductible until declared at a general meeting. Additionally, the provision for Income Tax and super-tax was not deemed a debt owed on the valuation date. The court ruled in favor of the Wealth Tax Officer on all issues, directing the assessee to bear the reference costs. en-us Mon, 14 May 1962 00:00:00 +0530 Tue, 01 Sep 2020 11:30:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=289962 The court held that the Wealth Tax Officer was justified in considering the revalued assets as shown in the balance sheet for net wealth computation. The proposed dividend was not deductible until declared at a general meeting. Additionally, the provision for Income Tax and super-tax was not deemed a debt owed on the valuation date. The court ruled in favor of the Wealth Tax Officer on all issues, directing the assessee to bear the reference costs. Case-Laws Income Tax Mon, 14 May 1962 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=289962