V T VENKATESWARAN Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) THE following question of law has been referred by the Tribunal for our consideration under s. 27(1) of the WT Act, 1957 :

(2.) THE assessee is an individual and in the wealth-tax proceedings for the asst. yr. 1973-74, the assessee claimed that the income-tax and wealth-tax should be deducted as debt owed by the assessee on the valuation date. THE assessee had claimed a deduction of a sum of Rs. 39,979 being the estimated wealth-tax liability for the asst. yr. 1973-74 as on the valuation dt. 31st December, 1972. THE WTO allowed the deduction of Rs. 64,400 as wealth-tax liability based on the assessed net wealth for the asst. yr. 1973-74. THE WTO, however, in the order of assessment passed by him determined the wealth-tax payable for the assessment year at Rs. 64,848.

(3.) THE question of law referred to us is not happily framed as both the alternatives are mixed up in the question of law referred to us. THErefore, we reframe the question as under :