https://www.taxtmi.com/caselaws?id=38189 For wealth-tax purposes, amounts transferred to contingency reserve, development reserve and tariffs and dividends control reserve remained part of the company's assets because restrictions on use did not divest ownership, so they were includible in net wealth. The consumers' benefit account was also includible, as it continued to form part of the company's profits and no enforceable debt in favour of consumers was shown. By contrast, provisions for income-tax, super-tax and wealth-tax liabilities were deductible as present debts owed on the valuation date. The portion of net wealth attributable to Trombay Units Nos. 2 and 3 and the Carnac receiving station qualified for exemption under section 5(1)(xxi), as the units were treated as newly set up and ready to commence operations after the relevant date. en-us Thu, 01 Dec 1977 00:00:00 +0530 Sat, 03 Apr 2010 16:17:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=38189 For wealth-tax purposes, amounts transferred to contingency reserve, development reserve and tariffs and dividends control reserve remained part of the company's assets because restrictions on use did not divest ownership, so they were includible in net wealth. The consumers' benefit account was also includible, as it continued to form part of the company's profits and no enforceable debt in favour of consumers was shown. By contrast, provisions for income-tax, super-tax and wealth-tax liabilities were deductible as present debts owed on the valuation date. The portion of net wealth attributable to Trombay Units Nos. 2 and 3 and the Carnac receiving station qualified for exemption under section 5(1)(xxi), as the units were treated as newly set up and ready to commence operations after the relevant date. Case-Laws Wealth-tax Thu, 01 Dec 1977 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=38189