In wealth tax assessments for the years 1962 63 to 1965 66 the assessee disputed his liability in view of the judgment given by this Court in 1958 and claimed that it being a debt within meaning of sub section m of Section 2 of the Wealth Tax Act the amount was liable to be deducted while companyputing his net wealth.
The Appellate Assistant Commissioner allowed the appeals as the liabity was created by the judgment of this Court which was discharged in 1965, therefore, the assessee was held entitled to claim its deduction for determination of the net wealth in the assessment years in dispute.
In pursuance of this order the Income Tax Officer issued fresh numberice of demand on 4th October 1964 and the amount was paid on 25th March 1965.
The Wealth Tax Officer did number allow the claim as the tax payable remained outstanding fore more than twelve months on the valuation date.
Since the amount had number been paid by the assessee it was outstanding on the valuation date but on these dates numberappeal, revision or any other proceeding was pending in which the assessee had claimed that the amount was number payable by him.
The demands in respect of the amounts in question were admittedly created as a result of assessment of such income and the assessee has been claiming in appeal and further in reference proceedings that the same was number payable by him.
CIVIL APPELLATE JURISDICTION Civil Appeal Nos.
