https://www.taxtmi.com/caselaws?id=25664 Liabilities towards income-tax, wealth-tax and gift-tax that crystallise on the valuation date are deductible as debts owed in computing net wealth under the Wealth-tax Act, even if the assessment orders quantifying them are finalised later. The deduction is not defeated by section 2(m)(iii) merely because the amount had not become due for payment before the valuation date or was not outstanding on that date. The liability was therefore treated as a deductible debt for wealth-tax purposes in favour of the assessee. en-us Thu, 23 Oct 1986 00:00:00 +0530 Sat, 30 Jan 2010 10:53:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=25664 Liabilities towards income-tax, wealth-tax and gift-tax that crystallise on the valuation date are deductible as debts owed in computing net wealth under the Wealth-tax Act, even if the assessment orders quantifying them are finalised later. The deduction is not defeated by section 2(m)(iii) merely because the amount had not become due for payment before the valuation date or was not outstanding on that date. The liability was therefore treated as a deductible debt for wealth-tax purposes in favour of the assessee. Case-Laws Wealth-tax Thu, 23 Oct 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=25664