https://www.taxtmi.com/caselaws?id=29564 The High Court held that income-tax liability for earlier years, quantified through a settlement, constitutes a debt owed by the assessee and is deductible while computing net wealth for assessment years 1965-66 and 1966-67. The court ruled in favor of the assessee, allowing the deduction of income-tax liability for all relevant years, in line with legal precedents and the definition of "debt owed" under the Wealth Tax Act. The court supported the Tribunal's decision, answering the referred question affirmatively and awarding costs to the assessee. en-us Tue, 20 Apr 1982 00:00:00 +0530 Sat, 13 Mar 2010 17:22:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=29564 The High Court held that income-tax liability for earlier years, quantified through a settlement, constitutes a debt owed by the assessee and is deductible while computing net wealth for assessment years 1965-66 and 1966-67. The court ruled in favor of the assessee, allowing the deduction of income-tax liability for all relevant years, in line with legal precedents and the definition of "debt owed" under the Wealth Tax Act. The court supported the Tribunal's decision, answering the referred question affirmatively and awarding costs to the assessee. Case-Laws Wealth-tax Tue, 20 Apr 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=29564