1983 (10) TMI 4 - SC - Wealth-tax

The amount of wealth-tax liability relating to the assessment years in respect of which the assessments had not been finalised on the valuation date, which is to be allowed as a deduction in the computation of the net wealth, should be the wealth-tax liability on the undisputed portion of the total wealth of the assessee as finally ascertained on completion of the assessments for those years after the valuation date

Summary

The Supreme Court dismissed the appeals by the Commissioner of Income-tax, Bombay, regarding wealth-tax liability deductions for the assessment year 1959-60. The High Court's judgment was upheld, answering both questions in favor of the assessee based on previous court decisions. No costs were awarded. (Case citation: 1983 (10) TMI 4 - Supreme Court)