1971 (9) TMI 27

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..... ave to consider is whether on the facts and the circumstances of the case the Tribunal was right in holding that the income-tax liabilities amounting to Rs. 1,994,270 was not allowable as a deduction in the computation of net wealth of the assessee-company in view of the provisions of section 2(m)(iii) of the Wealth-tax Act, 1957. The assessee is ex parte. Herein, we are concerned with the asses .....

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..... dvance tax demanded under section 18A, which remained outstanding on the valuation date. Regarding the balance of Rs. 9,94,270 being the amount of income-tax liability which had been disputed by the assessee in appeal, the Tribunal held that it could not be allowed as a deduction in the computation of the net wealth in view of section 2(m)(iii). The High Court answered the question in favour of .....

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..... the aggregate value computed in accordance with the provisions of this Act of all the assets, wherever located, belonging to the assessee on the valuation date, including assets required to be included in his net wealth as on that date under this Act, is in excess of the aggregate value of all the debts owed by the assessee on the valuation date other than--..... (iii) the amount of the tax, pen .....

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