Supreme Court of India
Burma Oil Co. (i) Trading.ltd. Calcutta v. Commissioner of Wealth Tax (central) Calcutta
INSC stands for INDIAN SUPREME COURT. A neutral citation scheme assigned by the Court itself, so a judgment can be cited without depending on a commercial law reporter. INSC is the neutral citation scheme assigned by the Supreme Court, so a judgment can be cited without depending on a commercial law reporter.
What the Court ordered
We are of the view that the answer to the question re ferred by the Tribunal to the High Court should be in lthe affirmative in favour of the assessee-appellant and against the revenue.
Judgment, page 2
From the headnote
Wealth Tax Act 1957-Sec. 2(m )-Whether provision for tax liability is u · ·debt deductible in computing wealth. · The appellant made a provision for a sum of Rs. 49,19,520/- in his books of account for the discharge of its tax liabilities. The appellant claimed deduc tion of the said amount for computation of his net wealth on the ground that it was a debt owed by the assessee within the meaning of s. 2(m) of the Wealth Tax Act. The claim was disallowed by the Wealth Tax Officer, the Appellate Asstt. Commissioner of Wealth Tax and the Tribunal. The High Court of Calcutta answered the
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