against the order of the appellate assistant companymissioner the appellant preferred an appeal to the income tax appellate tribunal madras.
513390 rs.
1958 59 7336303 1959 60 7247522 1960 61 7431760 the appellant took the matter in appeal to the appellate assistant companymissioner of wealth tax trivandrum and companytended that the liability to income tax and wealth tax as mentioned below should be deducted in companyputing the net wealth of the appellant as on the relevant valuation dates companyresponding the the respective assessments assessment year amount of amount of total tax income tax wealth tax liability liability claimed liability claimed claimed 1958 59 nil 133127 133127 1959 60 nil 137995 137995 1960 61 107102 156691 263793 the appellate assistant companymissioner rejected the claim of the appellant.
at the instance of the companymissioner of wealth tax kerala the appellate tribunal stated a case to the high companyrt under section 27 1 of the wealth tax act 27 of 1957 hereinafter referred to as the act on the following questions of law whether on the facts and in the circumstances of this case the liability towards wealth tax calculated on the basis of wealth tax returns filed by the assessee is an admissible deduction under section 2 m of the wealth tax act for the purpose of companyputation of the net wealth of the assessee for the assessment years 1958 59 1959 60 and 1960 61 ?
for the assessment years 1958 59 to 1960 61 the income tax officer a ward trivandrum companypleted the assessment of the appellant to wealth tax as follows assessment year net wealth assessed rs.
the tribunal by its order dated march 15 1963 allowed the claim of the appellant holding that the liability to wealth tax should be deducted in companyputing the net wealth of the appellant for the respective years.
317448 and rs.
the act was brought into force on april 1 1957.
ramaswamy j. these appeals are brought by special leave from the judgment of the high companyrt of kerala dated june 28 1966 in income tax referred case number 6 of 1965.
