Supreme Court · 1976 INSC 312 · Decided 1 December 1976
Burma Oil CO. (I) Trading .LTD. Calcutta v. Commissioner of Wealth Tax (Central) Calcutta
- Court
- Supreme Court of India
- Citation
- 1976 INSC 312 · [1977] 2 S.C.R. 295
- Case number
- CIVIL APPEAL No. 71/1972
- Decided
- 1 December 1976
- Bench
- HANS RAJ KHANNA, V.R. KRISHNA IYER (2-judge bench)
- Outcome
- Appeal(s) allowed
- Case type
- Civil
Headnote
B 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 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 C Asstt. Commissioner of Wealth Tax and the Tribunal. The High Court of Calcutta answered the reference in favour of the
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