TaxTMI 
TaxTMI 
1978 (8) TMI 115
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....essment year 1976-77 for which the corresponding valuation date was 3rd Nov., 1975. The assessee claimed deduction of Rs. 15,834 being the liability for income tax under the Voluntary Disclosure Scheme. The Wealth-tax Officer disallowed the claim on the ground that the declaration in respect of the above amount was filed by the assessee any on 30th Dec., 1975 falling outside the valuation date rel....
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....ation date, 3rd Nov., 1975 and, therefore, the liability cannot be considered as "debt owed". He relied upon the decision of the Gujarat High Court in the case of C.W.T. Gujarat vs. Ahmed Ibrahim Sahigara Ahmedabad(1) in support of this stand. On behalf of the assessee, the learned counsel besides relying upon the order of the AAC, relied in the following rulings in support of his stand. 1. The....
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....ate relevant to the assessment year under appeal. But the question is whether the above liability can be claimed as deduction as "debt owed" under s. 2 (m) of the Wealth-tax Act, 1957. If it can be described as "debt owed" the income-tax liability is deductible in computing the net wealth of the assessee. The decision of the Gujarat High Court cited by the learned Departmental Representative in CW....
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....d to the meaning of the word "debt" and further that "debt owed" within the meaning of s 2 (m) of the Wealth-tax Act, 1957, could be defined as the liability to pay in present or in future an ascertainable sum of money. Their Lordships further stated that the it was unnecessary that the amount of income-tax should have been ascertained or that it was owned in present. They held that what was payab....