https://www.taxtmi.com/caselaws?id=25161 Income-tax and wealth-tax liabilities for earlier years were deductible as debts in computing net wealth where the tax demand was created only after the valuation date. Section 2(m)(iii)(a) of the Wealth-tax Act, 1957 applies only when a tax demand has become outstanding pursuant to an order under the taxing statute and notice of demand has been served; a liability raised after the valuation date is not outstanding on that date and cannot be excluded from deduction as a debt. The reference was answered in the affirmative, in favour of the assessee and against the Department. en-us Wed, 02 Sep 1987 00:00:00 +0530 Mon, 25 Jan 2010 17:04:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=25161 Income-tax and wealth-tax liabilities for earlier years were deductible as debts in computing net wealth where the tax demand was created only after the valuation date. Section 2(m)(iii)(a) of the Wealth-tax Act, 1957 applies only when a tax demand has become outstanding pursuant to an order under the taxing statute and notice of demand has been served; a liability raised after the valuation date is not outstanding on that date and cannot be excluded from deduction as a debt. The reference was answered in the affirmative, in favour of the assessee and against the Department. Case-Laws Wealth-tax Wed, 02 Sep 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=25161