https://www.taxtmi.com/caselaws?id=27785 A liability for leave with wages, where it has crystallised from services already rendered and is ascertainable on the valuation date, is treated as a debt already incurred for wealth-tax computation. The Tribunal found from the firm's agreements and books that the amounts were set apart against an existing obligation, not a contingent future claim. On that basis, the provision was deductible in computing the assessee's interest in the firm for wealth-tax purposes, and the question was answered in favour of the assessee. en-us Wed, 07 Mar 1984 00:00:00 +0530 Tue, 16 Feb 2010 10:49:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=27785 A liability for leave with wages, where it has crystallised from services already rendered and is ascertainable on the valuation date, is treated as a debt already incurred for wealth-tax computation. The Tribunal found from the firm's agreements and books that the amounts were set apart against an existing obligation, not a contingent future claim. On that basis, the provision was deductible in computing the assessee's interest in the firm for wealth-tax purposes, and the question was answered in favour of the assessee. Case-Laws Wealth-tax Wed, 07 Mar 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=27785