1987 (9) TMI 22

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....ng question to this court for its opinion under section 27(1) of the Wealth-tax Act, 1957: " Whether, on the facts and in the circumstances of the case, the Tribunal was justified in holding that the income-tax and wealth-tax liabilities for all the earlier years and up to the assessment year 1975-7 will be deductible in computing the net wealth for the assessment year 1975-76 and that such lia....

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....ax becomes payable in consequence of such an order when a notice of demand is served on the assessee. Where the notice of demand is served on the assessee subsequent to the relevant valuation date, it cannot be said that on the valuation date the amount is outstanding and in such a case a material requirement of section 2(m)(iii)(a) is not satisfied and, therefore, that provision cannot be invoked....