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1972 (7) TMI 29 - GUJARAT HIGH COURTWhether bonus paid by an assessee to its workmen out of the profits of the previous year after the relevant valuation date is debt owed by the assessee so as to be deductible in computing the net wealth of the assessee - in the present case, it is apparent from the record that the claim of the workmen was settled and the amount of bonus determined subsequent to the relevant valuation date. This factual position was indeed not disputed on behalf of the assessee. If that be so, it must follow as a necessary consequence that liability for payment of bonus did not become a "debt owed" by the assessee until after the relevant valuation date and it was accordingly not deductible in computing the net wealth of the assessee
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