https://www.taxtmi.com/caselaws?id=28608 The High Court allowed the liabilities imposed on the firm and the assessee individually as deductions in computing net wealth for the assessment years 1957-58, 1960-61, and 1961-62. The court upheld the Tribunal's decisions, ruling that the tax liabilities were debts owed by the assessee on the valuation dates and should be considered in calculating net wealth. Section 2(m)(iii) of the Wealth Tax Act was deemed inapplicable as no order levying income tax existed on the valuation dates. The court directed each partner to bear a share of the firm's net assets, including concealed income and tax liabilities, affirming the deductions for the tax liabilities imposed. en-us Mon, 04 Oct 1982 00:00:00 +0530 Wed, 24 Feb 2010 11:12:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=28608 The High Court allowed the liabilities imposed on the firm and the assessee individually as deductions in computing net wealth for the assessment years 1957-58, 1960-61, and 1961-62. The court upheld the Tribunal's decisions, ruling that the tax liabilities were debts owed by the assessee on the valuation dates and should be considered in calculating net wealth. Section 2(m)(iii) of the Wealth Tax Act was deemed inapplicable as no order levying income tax existed on the valuation dates. The court directed each partner to bear a share of the firm's net assets, including concealed income and tax liabilities, affirming the deductions for the tax liabilities imposed. Case-Laws Wealth-tax Mon, 04 Oct 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=28608