https://www.taxtmi.com/caselaws?id=49281 The Supreme Court ruled that arrears of tax under section 18A of the Income-tax Act constitute a debt owed by the assessee under the Wealth-tax Act. The Court held that the demands constituted debts owed by the assessee on the valuation dates, as the amounts demanded were ascertained and created a statutory liability. The liability under section 18A does not become contingent based on future actions by the assessee. As the assessee had not taken any action under section 18A(2) on the valuation dates, the amounts demanded were deemed as debts owed under the Wealth-tax Act, affirming the High Court's decision in favor of the assessee. 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 The Supreme Court ruled that arrears of tax under section 18A of the Income-tax Act constitute a debt owed by the assessee under the Wealth-tax Act. The Court held that the demands constituted debts owed by the assessee on the valuation dates, as the amounts demanded were ascertained and created a statutory liability. The liability under section 18A does not become contingent based on future actions by the assessee. As the assessee had not taken any action under section 18A(2) on the valuation dates, the amounts demanded were deemed as debts owed under the Wealth-tax Act, affirming the High Court's decision in favor of the assessee. Case-Laws Wealth-tax Mon, 25 Oct 1965 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=49281