1982 (12) TMI 31

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.... REDDY J.-For the assessment year 1972-73, the assessee was assessed to wealth-tax on October 27, 1973, on a net wealth of Rs. 25. 6.943. The relevant valuation date for the said assessment year is March 31, 1972. While completing the assessment, the WTO disallowed the assessee's claim for deduction of a sum of Rs. 1,39,703, being the income-tax liability for the assessment years 1968-69 and 1969-....

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....he aggregate value of all the assets, as per the definition of the expression " net wealth". The Tribunal observed further that the mere fact that the assessee filed an appeal subsequent to the relevant valuation date, does not affect the matter. We are of the opinion that the view taken by the Tribunal is in accordance with law. The definition of " net wealth in cl. (in) of s. 2 reads as follo....

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....n of income or profits, or the Estate Duty Act, 1953 (34 of 1953), the Expenditure-tax Act, 1957 (29 of 1957), or the Gift-tax Act, 1958 (18 of 1958), (a) which is outstanding on the valuation date and is claimed by the assessee in appeal, revision or other proceeding as not being payable by him, or (b) which, although not claimed by the assessee as not being payable by him, is nevertheless ....