TaxTMI 
TaxTMI 
1971 (9) TMI 28
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.... by the assessee and the other by the Commissioner of Wealth-tax are consolidated. By these applications the respective applicants desire the Tribunal to refer to the Hon'ble Court certain questions of law which are said to arise out of the order of the Tribunal dated 20th October, 1960, in W.T.A. No. 412 of 1958-59. Inasmuch as in our opinion, a question of law does arise out of the aforesaid ord....
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....be regarded as a debt owed by the assessee within the meaning of section 2(m) of the Wealth-tax Act and should, therefore, be excluded from the net wealth. The Tribunal, dealing with the contention in the second appeal before it, observed that the provision made by the assessee in respect of a mere liability to taxation cannot be regarded as "debt owed by the assessee" within the meaning of sectio....
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....he assessee", because there was no obligation on the assessee to make payment thereof until the tax had been assessed and demanded. The provision for tax liability, however, covers the last instalment of tax in respect of which a demand had been made under section 18A(1) of the Indian Income-tax Act, 1922, before the valuation date aforesaid. In the circumstances, the Tribunal held that, though....
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....ast instalment of advance tax from the computation of the net wealth has been questioned. JUDGMENT The judgment of the court was delivered by HEGDE J.--The question of law referred to the High Court under section 27 of the Wealth-tax Act, 1957, in all these appeals are more or less identical. It is sufficient if we refer to one of those questions. It reads : " Whether, on the facts and....