https://www.taxtmi.com/caselaws?id=58765 A statutory penalty liability imposed before the relevant wealth-tax valuation dates is treated as a debt owed for net-wealth computation unless it falls within a specific statutory exclusion. Filing an appeal, obtaining a stay of recovery on security, and non-payment do not extinguish the liability or make it contingent. Subsequent appellate confirmation supports that the liability had already accrued. The penalty is therefore deductible in computing net wealth on the relevant valuation dates. en-us Wed, 07 Nov 1984 00:00:00 +0530 Tue, 21 Dec 2010 18:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=58765 A statutory penalty liability imposed before the relevant wealth-tax valuation dates is treated as a debt owed for net-wealth computation unless it falls within a specific statutory exclusion. Filing an appeal, obtaining a stay of recovery on security, and non-payment do not extinguish the liability or make it contingent. Subsequent appellate confirmation supports that the liability had already accrued. The penalty is therefore deductible in computing net wealth on the relevant valuation dates. Case-Laws Income Tax Wed, 07 Nov 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=58765