Supreme Court · 1965 INSC 221 · Decided 25 October 1965
Commissioner of Wealth Tax (Central), Calcutta v. M/S. Standard Vacuum Oil CO. LTD.
- Court
- Supreme Court of India
- Citation
- 1965 INSC 221 · [1966] 2 S.C.R. 317
- Case number
- CIVIL APPEAL No. 627/1964
- Decided
- 25 October 1965
- Bench
- K. SUBBA RAO, J.C. SHAH, S.M. SIKRI (3-judge bench)
- Outcome
- Dismissed
- Case type
- Civil
- Acts & sections cited
- Income Tax Act Section 18A(l), 18A, 2(m), 2, 18A(1)
Headnote
Wealth Tax Act (27 of I957), ss. 2(111) and 3-Debt owed on va/ua· . tion date-If includes advance tax due under s. 18A of fncon1e-tax Act, I922. Demands in ·respect of the payment of tax under s. ISA of the Income Tax Act were made 'against the respondent for two years, and for each of the two years, was outstanding on the respective valuation dates as defined under s. (q) of the Wealth Tax Act, 1957 The respondent claimed that the arrears of tax as determined as per notice under s. ISA constituted a debt, owned by it within the meaning of s. 2(m) of the Wealth
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