1986 (10) TMI 16

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....se three reference applications relate to the assessment years 1970-71, 1971-72 and 1972-73. The following identical question of law has been referred by the Income-tax Appellate Tribunal, Jaipur Bench, Jaipur, for our opinion : " Whether, on the facts and in the circumstances of the case, the Tribunal was justified in holding that since the settlement was not the result of the application of a....

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....d. [1984] 146 ITR 552 (SC). The Supreme Court in the above cases has held that in computing the net wealth of the assessee for wealth-tax, the liabilities towards income-tax, wealth-tax and gift-tax, which crystallise on the relevant valuation date as determined in the respective assessment orders as liabilities, are to be deducted even though those assessment orders are finalised after the val....