https://www.taxtmi.com/caselaws?id=49296 Special valuation under the Wealth-tax Act permitted the Wealth-tax Officer to accept the assessee's balance-sheet values for business assets where the company's own revaluation was not shown to be inflated or unreliable, so the asset-valuation point failed for the assessee. A proposed dividend was not a deductible debt on the valuation date because it remained only a recommendation until declaration by shareholders, so deduction was denied. By majority, income-tax and super-tax liability for the accounting year was treated as a present obligation arising by the close of the accounting year, with the Finance Act fixing only the rate, so it was a debt owed on the valuation date and deductible in net wealth computation. en-us Wed, 24 Nov 1965 00:00:00 +0530 Tue, 19 Aug 2014 19:17:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=49296 Special valuation under the Wealth-tax Act permitted the Wealth-tax Officer to accept the assessee's balance-sheet values for business assets where the company's own revaluation was not shown to be inflated or unreliable, so the asset-valuation point failed for the assessee. A proposed dividend was not a deductible debt on the valuation date because it remained only a recommendation until declaration by shareholders, so deduction was denied. By majority, income-tax and super-tax liability for the accounting year was treated as a present obligation arising by the close of the accounting year, with the Finance Act fixing only the rate, so it was a debt owed on the valuation date and deductible in net wealth computation. Case-Laws Wealth-tax Wed, 24 Nov 1965 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=49296