https://www.taxtmi.com/caselaws?id=23442 The court upheld the Commissioner of Wealth-tax's decision, ruling that the wealth-tax liability amounting to Rs. 1,05,274 for the assessment year 1976-77 was not to be treated as a debt owed by the assessee on the relevant valuation date of March 31, 1976. The court found that the liability did not exist on the relevant date of assessment, thus denying the petitioner's claim for deduction. The court determined that for a liability to be deductible, it must exist on the valuation date, regardless of when assessment orders are served. en-us Fri, 23 Feb 1990 00:00:00 +0530 Sat, 19 Dec 2009 13:09:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=23442 The court upheld the Commissioner of Wealth-tax's decision, ruling that the wealth-tax liability amounting to Rs. 1,05,274 for the assessment year 1976-77 was not to be treated as a debt owed by the assessee on the relevant valuation date of March 31, 1976. The court found that the liability did not exist on the relevant date of assessment, thus denying the petitioner's claim for deduction. The court determined that for a liability to be deductible, it must exist on the valuation date, regardless of when assessment orders are served. Case-Laws Wealth-tax Fri, 23 Feb 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=23442