9911796707
TMI Blog1985 (2) TMI 114X X X X Extracts X X X X X X X X Extracts X X X X ..... valuation date, is includible in the wealth of the assessee for the assessment year 1982-83. 2. By his order dated 27-10-1982, the ITO determined the amount of Rs. 1,97,107 as refund of income-tax payable to the assessee for the assessment year 1982-83. The WTO included this amount in the wealth of the assessee for the assessment year 1982-83. While doing so, he rejected the contention of the a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ng the learned representatives of the parties, we are inclined to accept this appeal. It has been held by the Bombay High Court in the case of CWT v. Keshub Mahindra [WT Reference No. 11 of 1970] as follows : "41. Now, when the definition of net wealth referred to debts owed, it is no doubt true that, at the stage of filing of the returns only the estimated amount of taxes can be claimed as dedu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Appellate Assistant Commissioner. Consequently, question Nos. 1 and 3 will have to be answered by holding that the taxes ultimately found payable are to be deducted." According to the aforesaid authority, the determination of the actual liability of the assessee in respect of wealth-tax, after the relevant date of valuation will relate back to the respective assessment year and the assessee wil ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the assessee belonging to him on the valuation date. But, we would prefer to follow the decision of the Bombay High Court in the case of Keshub Mahindra, in view of the principles laid down by the Supreme Court in the case of CWT v. Vadilal Lallubhai [1984] 145 ITR 7. According to this authority, when, in the course of a wealth-tax assessment for a particular assessment year, the assessee makes ..... X X X X Extracts X X X X X X X X Extracts X X X X
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