https://www.taxtmi.com/caselaws?id=49281 Arrears of tax demanded under section 18A of the Indian Income-tax Act, 1922 were treated as an ascertained statutory liability that was presently enforceable on the valuation date. The fact that the assessee could later substitute a lower estimate, or otherwise reduce the amount, did not make the liability contingent. The statutory scheme for demand, default consequences, and credit showed that the amount specified in the demand notice remained payable unless validly altered under the Act. On that basis, the arrears constituted a debt owed within section 2(m) of the Wealth-tax Act, 1957 and were deductible in computing net wealth. en-us Mon, 25 Oct 1965 00:00:00 +0530 Tue, 19 Aug 2014 14:58:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=49281 Arrears of tax demanded under section 18A of the Indian Income-tax Act, 1922 were treated as an ascertained statutory liability that was presently enforceable on the valuation date. The fact that the assessee could later substitute a lower estimate, or otherwise reduce the amount, did not make the liability contingent. The statutory scheme for demand, default consequences, and credit showed that the amount specified in the demand notice remained payable unless validly altered under the Act. On that basis, the arrears constituted a debt owed within section 2(m) of the Wealth-tax Act, 1957 and were deductible in computing net wealth. Case-Laws Wealth-tax Mon, 25 Oct 1965 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=49281