1987 (9) TMI 22

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..... the facts and in the circumstances of the case, the Tribunal was justified in holding that the income-tax and wealth-tax liabilities for all the earlier years and up to the assessment year 1975-7 will be deductible in computing the net wealth for the assessment year 1975-76 and that such liability should be deductible as a debt irrespective of the fact that the demand was created after the valuat .....

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..... the notice of demand is served on the assessee subsequent to the relevant valuation date, it cannot be said that on the valuation date the amount is outstanding and in such a case a material requirement of section 2(m)(iii)(a) is not satisfied and, therefore, that provision cannot be invoked by the Department to deny deduction of such an amount of tax as a " debt " in the computation of the net we .....

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