https://www.taxtmi.com/caselaws?id=29144 The High Court affirmed the Tribunal's decision to allow a deduction for income tax payable on disclosed assets in computing the assessee's net wealth. The court held that income tax liability on assets constitutes a debt owed by the assessee and since the assets were disclosed and taxed before the valuation date, there was a perfected debt of income tax on the valuation date. The court rejected the argument that the tax liability was unascertainable, emphasizing that income tax liability is a present obligation. The judgment ruled in favor of the assessee, supporting the deduction of income tax payable on the disclosed assets in accordance with the Wealth-tax Act. en-us Tue, 19 Sep 1978 00:00:00 +0530 Thu, 11 Mar 2010 11:22:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=29144 The High Court affirmed the Tribunal's decision to allow a deduction for income tax payable on disclosed assets in computing the assessee's net wealth. The court held that income tax liability on assets constitutes a debt owed by the assessee and since the assets were disclosed and taxed before the valuation date, there was a perfected debt of income tax on the valuation date. The court rejected the argument that the tax liability was unascertainable, emphasizing that income tax liability is a present obligation. The judgment ruled in favor of the assessee, supporting the deduction of income tax payable on the disclosed assets in accordance with the Wealth-tax Act. Case-Laws Wealth-tax Tue, 19 Sep 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=29144