https://www.taxtmi.com/caselaws?id=39299 The court held that the dividend declared by Martin Burn Co. Ltd. on 26th March 1965 constituted taxable wealth in the hands of the assessee on the valuation date, 31st March 1965. Despite the payment being deferred until after 1st April 1965, the court considered the dividend as an existing debt, creating an immediate right for the shareholder. The decision emphasized that a debt arising from a present obligation, whether payable immediately or in the future, is assessable under the Wealth-tax Act. en-us Wed, 23 Apr 1975 00:00:00 +0530 Thu, 15 Apr 2010 12:55:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=39299 The court held that the dividend declared by Martin Burn Co. Ltd. on 26th March 1965 constituted taxable wealth in the hands of the assessee on the valuation date, 31st March 1965. Despite the payment being deferred until after 1st April 1965, the court considered the dividend as an existing debt, creating an immediate right for the shareholder. The decision emphasized that a debt arising from a present obligation, whether payable immediately or in the future, is assessable under the Wealth-tax Act. Case-Laws Wealth-tax Wed, 23 Apr 1975 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=39299