https://www.taxtmi.com/caselaws?id=56752 Income-tax liabilities for earlier assessment years were treated as deductible in computing net wealth because the statutory exclusion under section 2(m)(iii) applied only to tax liabilities arising from an order under a taxing statute and remaining outstanding for more than 12 months on the valuation date. As no order determining those liabilities had been passed on the relevant valuation date, the amounts did not fall within the exception to deductible debts. The income-tax liabilities were therefore allowed as deductions in the wealth computation, and the departmental appeal failed. en-us Fri, 26 Oct 1984 00:00:00 +0530 Mon, 06 Dec 2010 15:56:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=56752 Income-tax liabilities for earlier assessment years were treated as deductible in computing net wealth because the statutory exclusion under section 2(m)(iii) applied only to tax liabilities arising from an order under a taxing statute and remaining outstanding for more than 12 months on the valuation date. As no order determining those liabilities had been passed on the relevant valuation date, the amounts did not fall within the exception to deductible debts. The income-tax liabilities were therefore allowed as deductions in the wealth computation, and the departmental appeal failed. Case-Laws Wealth-tax Fri, 26 Oct 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=56752