Kesoram Industries & Cotton Mills Ltd. vs Commissioner Of Wealth Tax
Whether the WTO was justified in taking the value of assets as shown in the balance sheet on the valuation date --- Held Yes. Whether proposed dividend was deductible from total assets in computing net wealth --- Held No. Whether provision for income-tax and super-tax was a debt owed within the meaning of section 2(m) of the Wealth Tax Act 1957 and deductible --- Held Yes.
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