https://www.taxtmi.com/caselaws?id=58765 A penalty imposed under the Foreign Exchange Regulation Act was treated as a debt owed on the relevant valuation dates for wealth-tax purposes. The Wealth-tax Act deducts all debts owed on the valuation date unless specifically excluded, and the penalty order gave rise to a statutory liability when imposed. That liability was not changed by the assessee's appeal, the stay of recovery on furnishing security, or non-payment of the amount. The later appellate confirmation supported the position that the liability had already existed before the valuation dates. The article states that a disputed statutory liability is not merely contingent because it is under challenge. 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 penalty imposed under the Foreign Exchange Regulation Act was treated as a debt owed on the relevant valuation dates for wealth-tax purposes. The Wealth-tax Act deducts all debts owed on the valuation date unless specifically excluded, and the penalty order gave rise to a statutory liability when imposed. That liability was not changed by the assessee's appeal, the stay of recovery on furnishing security, or non-payment of the amount. The later appellate confirmation supported the position that the liability had already existed before the valuation dates. The article states that a disputed statutory liability is not merely contingent because it is under challenge. Case-Laws Income Tax Wed, 07 Nov 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=58765