https://www.taxtmi.com/caselaws?id=37847 Tax liability arising under the voluntary disclosure scheme in section 68 of the Finance Act, 1965 was treated as a present and ascertainable debt on the valuation date, not a contingent liability. On that basis, the liability was held to fall within "debt owed" under section 2(m) of the Wealth-tax Act, 1957, because the charging provisions created an existing obligation even though quantification or payment occurred later. The Court rejected the argument that the disclosure tax was an ad hoc charge outside the income-tax charging framework. The tax payable under section 68(3) was therefore deductible in computing net wealth, and the assessee succeeded. en-us Sat, 15 Apr 1978 00:00:00 +0530 Thu, 01 Apr 2010 13:56:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37847 Tax liability arising under the voluntary disclosure scheme in section 68 of the Finance Act, 1965 was treated as a present and ascertainable debt on the valuation date, not a contingent liability. On that basis, the liability was held to fall within "debt owed" under section 2(m) of the Wealth-tax Act, 1957, because the charging provisions created an existing obligation even though quantification or payment occurred later. The Court rejected the argument that the disclosure tax was an ad hoc charge outside the income-tax charging framework. The tax payable under section 68(3) was therefore deductible in computing net wealth, and the assessee succeeded. Case-Laws Wealth-tax Sat, 15 Apr 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37847