1986 (10) TMI 16

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..... and 1972-73. The following identical question of law has been referred by the Income-tax Appellate Tribunal, Jaipur Bench, Jaipur, for our opinion : " Whether, on the facts and in the circumstances of the case, the Tribunal was justified in holding that since the settlement was not the result of the application of any provision of the Income-tax Act and Wealthtax Act, it was not income-tax and .....

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..... in computing the net wealth of the assessee for wealth-tax, the liabilities towards income-tax, wealth-tax and gift-tax, which crystallise on the relevant valuation date as determined in the respective assessment orders as liabilities, are to be deducted even though those assessment orders are finalised after the valuation date. It has been further held in CWT v. 1. K. Cotton Manufacturers Ltd. .....

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..... as they had not become due for payment before the valuation date and could not be said to be ' outstanding ' on the valuation date. " In view of the above authoritative pronouncements of their Lordships of the Supreme Court, the question referred to us is answered in the affirmative and against the Revenue. On the facts and circumstances of the case, there will be no order as to costs. .....

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