Supreme Court · 1984 INSC 49 · Decided 28 February 1984
Commissioner of Wealth Tax, Kanpur v. M/S. J.K. Cotton Manufacturers LTD.
- Court
- Supreme Court of India
- Citation
- 1984 INSC 49 · [1984] 3 S.C.R. 37
- Case number
- CIVIL APPEAL No. 1179/1973
- Decided
- 28 February 1984
- Bench
- V.D. TULZAPURKAR, SABYASACHI MUKHERJI (2-judge bench)
- Outcome
- Dismissed
- Case type
- Civil
Headnote
W•alth Tax Aci. 1967. Sections 2(m), 4(3), 5 and 6-W1a/th tax-Deduc· tions-Sett,ement allowing payment in instalments-Instalments unpaid and showed i~ balance sheet,as "debt"' owed by assessees-- Whether allawable dedifc- · ct ion-Whether 'debt owed and outstanding' . S. 2 (m) Wealth ·Tax Act, 1957. As a result of proceedings taken and 'settlement arrived at in 1952 · under the Taxation on Income (lnvestigiltion COmmission) Act, 1947 certain sums were determinecl as payable by 'the respondents·assessee-ccimpii.nies on its secreted
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