https://www.taxtmi.com/caselaws?id=36005 Under the Wealth-tax Act, depreciation issues were treated in line with the earlier valuation ruling on the same assessee, while the claim for arrears of cumulative preference dividend failed because dividend does not become a debt owed unless declared or otherwise crystallised into an enforceable liability. A mere contingent entry in the balance-sheet was insufficient. Additional managing agency commission sanctioned after the valuation date also could not be deducted, because only liabilities existing on the valuation date qualify as debts for net wealth computation; later retrospective sanction does not convert a contingent obligation into an existing debt. en-us Thu, 28 Aug 1980 00:00:00 +0530 Thu, 18 Mar 2010 17:41:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36005 Under the Wealth-tax Act, depreciation issues were treated in line with the earlier valuation ruling on the same assessee, while the claim for arrears of cumulative preference dividend failed because dividend does not become a debt owed unless declared or otherwise crystallised into an enforceable liability. A mere contingent entry in the balance-sheet was insufficient. Additional managing agency commission sanctioned after the valuation date also could not be deducted, because only liabilities existing on the valuation date qualify as debts for net wealth computation; later retrospective sanction does not convert a contingent obligation into an existing debt. Case-Laws Wealth-tax Thu, 28 Aug 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36005