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TMI Blog1997 (11) TMI 18X X X X Extracts X X X X X X X X Extracts X X X X ..... ibunal for our consideration under section 27(1) of the Wealth-tax Act, 1957 : "Whether, on the facts and in the circumstances of the case, in deducting the liability to wealth-tax for the assessment year 1973-74 as a debt owed on the valuation date December 31, 1973, the amount deductible is the tax estimated on the returned wealth or the amount assessed on the net wealth determined by the Weal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g that the wealth-tax determined as payable for the assessment year 1973-74 should be allowed as a deduction towards the wealth-tax liability for the assessment year 1973-74. The Commissioner of Wealth-tax (Appeals) allowed the claim of the assessee and directed the Wealth-tax Officer to substitute the wealth-tax determined by him instead of the sum of Rs. 64,400 as an allowable deduction. The R ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... te. The Appellate Tribunal, however, held that there is a conflict of view among the Supreme Court and therefore it felt that the matter should be referred to this court. Accordingly, at the instance of the assessee, the question of law mentioned earlier has been referred to us. We have gone through the order of the Tribunal and we find that the Appellate Tribunal proceeded on a wrong basis that ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the case. The decision of the Supreme Court in CWT v. K. S. N. Bhatt [1984] 145 ITR 1 and CWT v. Vadilal Lallubhai [1984] 145 ITR 7, are clear authorities for the proposition that the assessee is entitled to claim deduction of the wealth-tax liability as finally assessed or determined by the Wealth-tax Officer. Therefore, the assessee would be entitled to the amount assessed on the net wealth a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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