COMMISSIONER OF WEALTH TAX, GUJARAT-II vs KESHAV MILLS Co. LTD. — 1971 PTD 1103

Citation: 1971 PTD 1103

Court: Gujarat High Court

Year: 1968

Decision Date: 1968-09-09

Parties: COMMISSIONER OF WEALTH TAX, GUJARAT-II vs KESHAV MILLS Co. LTD.

Headnotes

Case cited as 1971 PTD 1103

Judgment Text

Court Name: Gujarat High Court Judge(s): P. N. Bhagabati, Divan Title: COMMISSIONER OF WEALTH TAX, GUJARAT-II vs KESHAV MILLS Co. LTD. Case No.: Wealth Tax Reference No. 4 of 1967, Date of Judgment:1968-09-09 Reported As: 1971 PTD 1103 Result: N/A JUDGMENT JUDGMENT DIVAN, J.--In this reference under section 27(1) of the Wealth Tax Act, 1957 (hereinafter referred to as the Act), the following question has been referred to us:- "Whether, on the facts and in the circumstances of the case and in view of tote provisions of section 2(m)(iii)(a) of the Wealth Tax Act, 1957, the income-tax liability of Rs.5,53, 370 is a debt which could be allowed as a deduction in the computation of the assessee's neat wealth on the valuation date in ques--petition, i.e., December 31, 1956 ?" The facts giving rise to this reference are as follows: The assessee is a public limited - company. The assessment year is 1957-58 and the relevant valuation date is December 31, 1956. Ira the present reference we are concerned with the item of Rs. 5,53,370 which was claimed as a debt deductible in computation of the not wealth of the assessee. The assessee had claimed in the year of assessment a deduction of a total item of Rs. 12,89,784, being the aggregate of the tax assessed for the assessment years 1943-14 to 1948-49. The assessm ents for these years had been completed and the tax liability of the assessee had been determined before the relevant valuation date. Out of this aggregate amount of Rs.…

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