https://www.taxtmi.com/caselaws?id=28108 Rule 1D of the Wealth-tax Rules, 1957 requires liabilities in the balance-sheet to be deducted from assets, but the exclusions in Explanation II apply to advance tax and to only the excess of provision for taxation over the tax actually payable with reference to book profits. The words "tax payable with reference to the book profits" were construed to mean the net tax liability after crediting advance tax already paid. Accordingly, provision for taxation is not ignored in full; only the amount exceeding the actual tax payable is excluded from liabilities, and the Revenue's interpretation was upheld. en-us Mon, 12 Mar 1984 00:00:00 +0530 Fri, 19 Feb 2010 11:03:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=28108 Rule 1D of the Wealth-tax Rules, 1957 requires liabilities in the balance-sheet to be deducted from assets, but the exclusions in Explanation II apply to advance tax and to only the excess of provision for taxation over the tax actually payable with reference to book profits. The words "tax payable with reference to the book profits" were construed to mean the net tax liability after crediting advance tax already paid. Accordingly, provision for taxation is not ignored in full; only the amount exceeding the actual tax payable is excluded from liabilities, and the Revenue's interpretation was upheld. Case-Laws Wealth-tax Mon, 12 Mar 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=28108