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1972 (8) TMI 18 - MADRAS HIGH COURTNet wealth - In respect of the valuation date, March 31, 1957, he filed a return under the Wealth-tax Act showing a net wealth of Rs. 2,42,692. The assessee had claimed, among other things, a deduction of Rs. 1,67,279 as representing the liability for payment of income-tax in respect of the assessment years 1955-56 to 1957-58. The Wealth-tax Officer held that this amount did not represent a final ascertained liability as on March 31, 1957, and as such it was not an allowable deduction - When the assessee challenges the income-tax assessment after the valuation date whether the tax liability can be treated as a debt owed
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