1972 (8) TMI 41

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.... 27(1) of the Wealth-tax Act, 1957, at the instance of the Commissioner of Wealth-tax, Kanpur. The following question has been referred to us : "Whether, on the facts and in the circumstances of the case, the provisions of section 2(m) of the Wealth-tax Act, 1957, are applicable for determination of the assessee's interest in the wealth of the firm styled as Messrs. J. K. Bankers, for the asses....

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....es (a) and (b) of clause (iii) of section 2(m) of the Wealth-tax Act the old income-tax liability could not be deducted. On second appeal the Income-tax Appellate Tribunal reversed the finding of the Appellate Assistant Commissioner of Income-tax and held that section 2(m) was not applicable and the outstanding income-tax liability of the firm even if old was deductible while computing its net wea....