Commissioner Of Wealth Tax vs Standard Vacuum Oil Co. Ltd.

Authority: Supreme Court Date: 1965-10-25 AY: 1957-58, 1958-59 Section: 207, 208, 209, 210, 211, WT2(m) Acts: Wealth Tax Act 1957, Indian Income Tax Act 1922 Result: Assessee Citation: (1966) 59 ITR 569 (SC) Justices: K. Subba Rao, J.C. Shah & S. M. Sikri, JJ. Appeal No: Civil Appeals Nos. 627 & 628 of 1964
Whether arrears of advance tax determined under section 18A of the Indian Income Tax Act 1922 constitute a 'debt owed' within the meaning of section 2(m) of the Wealth Tax Act 1957 on the valuation date --- Held Yes

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