9911796707
TMI Blog1976 (7) TMI 47X X X X Extracts X X X X X X X X Extracts X X X X ..... o for our determination. Questions Nos. 1 to 5 are referred to at the instance of the assessee. As, however, nobody appears on behalf of the assessee in this reference in spite of service, none of the said five questions needs to be answered. The remaining two questions are referred to at the instance of the revenue and they are as under : "(6) Whether, on the facts and in the circumstances of t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... oint and several in respect of the three surviving judgment-debtors. On behalf of the assessee the whole of the decretal amount was claimed as a debt while the Wealth-tax Officer only allowed one-third of the claim on the footing that in case the assessee discharged the whole of the decretal debt he would have a right of contribution regarding the two-thirds from the other judgment-debtors. This o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s were right in merely permitting a deduction of one-third of the decretal debt in view of the fact that even though any one of them may be called upon to discharge the debt in full he had a right of contribution from the other two. That being the position, the whole of the decretal amount cannot be treated as a debt but only one-third of the amount can be so treated. It is not possible for us to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the decretal debt of Rs. 39,162. Accordingly, question No. 6 is answered in the affirmative. So far as question No. 7 is concerned, before the valuation date the assessee voluntarily disclosed additional income on which the liability for tax was of Rs. 1,42,320 and the claim for deduction was made in respect of this amount of tax payable on the income so voluntarily disclosed. The Tribunal, foll ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
