1986 (10) TMI 16 - HC - Wealth-tax

Summary

The High Court of Rajasthan ruled in favor of the assessee for the assessment years 1970-71, 1971-72, and 1972-73. The court held that liabilities towards income-tax, wealth-tax, and gift-tax, determined after the valuation date, are deductible for wealth-tax purposes. The decision is based on Supreme Court rulings in various cases. The question posed by the Income-tax Appellate Tribunal was answered in the affirmative, against the Revenue.