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2013 (7) TMI 239 - HC - Wealth-taxValuation of shares - wealth tax assessment - deductible liability - Contingent liability towards sales tax - whether the sales tax demand could be treated as contingent liability or an accrued liability - Held that:- Even after the assessee had taken the sales tax demand in appeal to higher authorities, the liability of sales tax remained intact - Following decision of Late C.S. Ramachary Vs. Commissioner of Income-tax [1991 (1) TMI 103 - MADRAS High Court] and Kedarnath Jute Mfg. Co. Ltd., V. Commissioner of Income Tax [1971 (8) TMI 10 - SUPREME Court] - Decided against the revenue.
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