https://www.taxtmi.com/caselaws?id=37960 For Rule 19(3) and section 80J capital computation, the expression "debt owed" was construed consistently with the Supreme Court's settled interpretation under the Wealth-tax Act. The controlling principle was that a debt exists if it is certainly payable in all events, even if not presently due for payment; only contingent liabilities fall outside the concept. On that basis, no separate distinction was accepted between "debts owed" and "debts due" for excluding amounts from capital, and the proposed reference was declined. en-us Mon, 31 Oct 1977 00:00:00 +0530 Fri, 02 Apr 2010 13:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37960 For Rule 19(3) and section 80J capital computation, the expression "debt owed" was construed consistently with the Supreme Court's settled interpretation under the Wealth-tax Act. The controlling principle was that a debt exists if it is certainly payable in all events, even if not presently due for payment; only contingent liabilities fall outside the concept. On that basis, no separate distinction was accepted between "debts owed" and "debts due" for excluding amounts from capital, and the proposed reference was declined. Case-Laws Income Tax Mon, 31 Oct 1977 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37960