https://www.taxtmi.com/caselaws?id=38648 The High Court of Madras held that a provision made for the marriage of the deceased karta's daughters did not qualify as a 'debt owed' under the Wealth-tax Act, 1957. The Court emphasized the requirement of a specific sum of money payable to establish a debt and criticized the Tribunal for allowing the deduction based on a mere accounting provision. Consequently, the Court ruled against the assessee, stating that the provision for marriage expenses should not be deducted in computing the net wealth of the Hindu undivided family. en-us Thu, 07 Apr 1977 00:00:00 +0530 Wed, 07 Apr 2010 18:44:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=38648 The High Court of Madras held that a provision made for the marriage of the deceased karta's daughters did not qualify as a 'debt owed' under the Wealth-tax Act, 1957. The Court emphasized the requirement of a specific sum of money payable to establish a debt and criticized the Tribunal for allowing the deduction based on a mere accounting provision. Consequently, the Court ruled against the assessee, stating that the provision for marriage expenses should not be deducted in computing the net wealth of the Hindu undivided family. Case-Laws Wealth-tax Thu, 07 Apr 1977 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=38648