Law: Wealth Tax Act, (XV of 1963)

Section: 2(m),27(1),2,3,46

Law: Companies Act, (VII of 1913)

Section: 230

Law: Income Tax Act, 1922

Section: 29,3,67(B)

(a) Wealth Tax Act (XV of 1963)-- ---S. 2(m)--Words "owed", "due" and "all debts owed"--Meaning--Term 'chargeability' and 'payability'--Distinction--Debt owed--Computation of net wealth--Deductions--Provision for income-tax is debt owed by assessee on the valuation date and deductible in computing net wealth--Completion of income-tax assessment or issue of demand notice are not condition precedent. (b) Wealth Tax Act (XV of 1963)-- ---S. 2(m)--Debt owed--Computation of net wealth--Deductions-­Provision for wealth tax liability to earlier year constitutes debt owed by assessee and is deductible in determining net wealth of subsequent year--Wealth tax liability, for the year under charge, however, is not permissible deduction in that year. (c) Wealth Tax Rules, 1963 ---R. 9(a)(i) & (ii)--Bulk valuation--Tax reserves--Actual tax liability to be deducted or excluded as a debt owed from the net wealth depends upon the assessment order--Where assessment order was yet to be made Wealth Tax Officer is at liberty to reduce tax reserves on the basis of the record. Doorga Prasad Chamaria v. Secretary of State (1945) 13 ITR 285 (PC); Radheshyam Agarwal.a v. The Commissioner of Income-tax, East Pakistan (Central Secretariat), Dacca P L D 1960 SC (Pak.) 187; Scindia Steam Navigation Co. Ltd., Bombay v. The Commissioner of Income-tax, Bombav A I R 1955 Bom. 230; Webb v. Stenton and others (Garnishees) (1883) 11 QBD 518; O'Driscoll and another v Manchester Insurance Committee (1912) 3 K.B. 499 and Ogdens Limited v. Weinberg (1906) 95 I T R 567; Corpus Juris (Edited by William Mack and William Benjamin 1919 Edn., Vol. XVII, p. 1371; Peo v. Arguello 37 Cal. 524, 525, In re: Philadelphia Co. 18 Pa Distt 805 35 Pa Co. 442; Whitney v. Commissioner of Inland Revenue 1962 AC 37; Cockerline and Co. v. Inland Revenue Commissioner (1932) 16 Tax Cas. 1; Whitney v. The Commissioner of Inland Revenue 10 TC (HL) 88, McKenna (H.M. Inspector of Taxes) v. Eaton Turner (1938) 1 KB 1 (16); Chatturam and others v. Commissioner of Income-tax; Bihar A I R 1947 FC 32; Attorney-General v. Aramayo and others [19251 9 Tax Cas. 445; Walace Brothers & Co. Ltd. v. Commissioner of Income-tax A I R 1948 PC…

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