https://www.taxtmi.com/caselaws?id=24919 The High Court ruled in favor of the assessee, affirming the Tribunal's decision to deduct income-tax liability from the gross amount for wealth computation under the Wealth-tax Act, 1957. The judgment emphasized that the tax liability crystallized on the valuation date and was deductible as a "debt owed," even if quantified post-settlement. Citing relevant Supreme Court cases, the High Court dismissed all seven references for the assessment years 1966-67 and 1968-69 to 1973-74, supporting the deductibility of tax liability in determining the net wealth of the assessee. en-us Wed, 12 Aug 1987 00:00:00 +0530 Sat, 23 Jan 2010 12:14:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=24919 The High Court ruled in favor of the assessee, affirming the Tribunal's decision to deduct income-tax liability from the gross amount for wealth computation under the Wealth-tax Act, 1957. The judgment emphasized that the tax liability crystallized on the valuation date and was deductible as a "debt owed," even if quantified post-settlement. Citing relevant Supreme Court cases, the High Court dismissed all seven references for the assessment years 1966-67 and 1968-69 to 1973-74, supporting the deductibility of tax liability in determining the net wealth of the assessee. Case-Laws Wealth-tax Wed, 12 Aug 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=24919