https://www.taxtmi.com/caselaws?id=26954 The court ruled in favor of the assessee, allowing the deduction of income-tax liabilities for computing net wealth, even if quantified after the valuation dates. The court clarified that income tax liabilities are considered debts owed on the valuation date, as per Section 2(m) of the Wealth-tax Act. The court reframed the question to address the entitlement to this deduction directly, ultimately deciding in favor of the assessee. en-us Fri, 23 Nov 1984 00:00:00 +0530 Tue, 09 Feb 2010 15:48:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=26954 The court ruled in favor of the assessee, allowing the deduction of income-tax liabilities for computing net wealth, even if quantified after the valuation dates. The court clarified that income tax liabilities are considered debts owed on the valuation date, as per Section 2(m) of the Wealth-tax Act. The court reframed the question to address the entitlement to this deduction directly, ultimately deciding in favor of the assessee. Case-Laws Income Tax Fri, 23 Nov 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=26954