https://www.taxtmi.com/caselaws?id=29082 The Wealth-tax Appellate Tribunal's decision to uphold the Appellate Assistant Commissioner's direction allowing deductions for tax liabilities was affirmed. The Tribunal relied on court precedents establishing that tax liabilities are debts owed by the assessee on the valuation date, even if quantified later. The Tribunal found the direction in line with Supreme Court and Gujarat High Court decisions, emphasizing that taxes crystallize on the valuation date. The court dismissed the appeal, stating no legal question arose, affirming the Tribunal's decision to allow deductions based on the Wealth-tax Act provisions and existing precedents. en-us Tue, 19 Jan 1982 00:00:00 +0530 Wed, 10 Mar 2010 16:36:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=29082 The Wealth-tax Appellate Tribunal's decision to uphold the Appellate Assistant Commissioner's direction allowing deductions for tax liabilities was affirmed. The Tribunal relied on court precedents establishing that tax liabilities are debts owed by the assessee on the valuation date, even if quantified later. The Tribunal found the direction in line with Supreme Court and Gujarat High Court decisions, emphasizing that taxes crystallize on the valuation date. The court dismissed the appeal, stating no legal question arose, affirming the Tribunal's decision to allow deductions based on the Wealth-tax Act provisions and existing precedents. Case-Laws Wealth-tax Tue, 19 Jan 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=29082