9911796707
TMI Blog1970 (1) TMI 10X X X X Extracts X X X X X X X X Extracts X X X X ..... 70 - Judge(s) : R. S. PATHAK., MUKHERJEE. JUDGMENT The judgment of the court was delivered by PATHAK J.-The Appellate Tribunal has referred the following question : " Whether, in computing the net wealth of the assessee for the assessment years 1957-58, 1958-59 and 1959-60, the amount of the provision for payment of income-tax and super-tax in respect of assessments not completed till t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... It is now settled law in view of the decision of the Supreme Court in Kesoram Industries and Cotton Mills Ltd. v. Commissioner of Wealth-tax, that in order to consider whether a tax liability should be taken as a debt owed for the purposes of computing the net wealth as defined in section 2(m) of the Wealth-tax Act, all that is necessary is that the tax liability should have accrued and that it ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he contention is without substance. Section 2(m)(iii)(b) of the Wealth-tax Act defines " net wealth " as " The amount by which the aggregate value .... of all the assets, wherever located belonging to the assessee on the valuation date, . . . . is in excess of the aggregate value of all the debts owed by the assessee on the valuation date other than,-... (iii) the amount of the tax,...payabl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... an order passed under a law relating to taxation of income or profits which, although not claimed by the assessee as not being payable by him, is nevertheless outstanding for more than twelve months on the valuation date. The Indian Income-tax Act, 1922, is a law relating to the taxation of income or profits. There must be an order passed under or in pursuance of that Act requiring the payment of ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
