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JUDGMENT R.M. Sahai, J.—The Income-tax Appellate Tribunal, Allahabad Bench, Allahabad, referred the following question for the opinion of this court: "Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was legally correct in holding that the proportionate share of the taxes paid by the firm, in which the assessee was a partner under section 68 of the Finance Act, 1965, should be excluded from the wealth of the assessee on the relevant valuation date ?" Sheo Kumar Gupta, the assessee, was a co-partner in the firm of Radhey Lal Munni Lal, Kanpur, with Ram Krishna Gupta and others. The partnership of Messrs. Radhey Lal Munni Lal in which the assessee was a partner made a voluntary disclosure under section 68 of the Finance Act, 1965, declaring concealed income of Rs. 10,00,000. The assessee's share in the concealed income amounted to Rs. 87,500. The assessee paid a tax at the rate of 57 per cent. of the income disclosed which came to Rs. 49,870. It was urged on behalf of the assessee before the Wealth-tax Officer that the tax of Rs. 49,870 was a "debt owed" under section 2(m) of the Act and should be…

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