https://www.taxtmi.com/caselaws?id=49254 Income-tax liability and advance tax demand were treated as debts owed on the relevant valuation date for Wealth-tax Act section 2(m) purposes. The amount set apart as provision for future tax liability was held to be an existing obligation on the valuation date, and the final instalment due under section 18A of the Indian Income-tax Act likewise formed part of the assessee's liabilities in computing net wealth. One appeal succeeded on the first question, while the connected challenge failed on the second; Shah J. agreed on the second issue but dissented on the first. en-us Wed, 24 Nov 1965 00:00:00 +0530 Thu, 12 Aug 2010 17:46:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=49254 Income-tax liability and advance tax demand were treated as debts owed on the relevant valuation date for Wealth-tax Act section 2(m) purposes. The amount set apart as provision for future tax liability was held to be an existing obligation on the valuation date, and the final instalment due under section 18A of the Indian Income-tax Act likewise formed part of the assessee's liabilities in computing net wealth. One appeal succeeded on the first question, while the connected challenge failed on the second; Shah J. agreed on the second issue but dissented on the first. Case-Laws Wealth-tax Wed, 24 Nov 1965 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=49254