The decision in the case of Assam Oil Co, Ltd. relied upon by the High Court was reversed on appeal by this Court.
From the Judgment and Order dated the 18th December, 1964 the Calcutta High Court in Matter No.
71 of 1972.
CIVIL APPELLATE JURISDICTION Civil Appeal No.
The claim was disallowed by the wealth tax officer, the Appellate Assistant Commissioner of Wealth Tax and the Tribunal.
199/61 .
B. Ahuja and R.N. Sachthey, for respondent.
A sum of Rs.49,19,520/ was provided for in the books of the appellant for the dis 3 1546 SCI/76 charge of its tax liabilities.
The matter relates to the assessment year 1958 59, the relevant valuation date for which was December 31, 1957.
A. Ramachandran and D.N. Gupta, for the appellant.
The appellant claimed the amount as a deduction in the companyputation of the net wealth.
The Judgment of the Court was delivered by KHANNA, J. This appeal on certificate is against the judgment of the Calcutta High Court whereby the High Court answered the following question referred to it under section 27 of the Wealth Tax Act in favour of the revenue and against the assessee appellant Whether on the facts and in the circum stances of the case, the provision of Rs.49,19,520/ made by the assessee for its tax liability less the amount of the last instalment of advance tax companystituted a debt owed by the assessee within the meaning of clause m of section 2 of the Wealth Tax Act on the relevant valuation date ?
