Debt owed, a debt owed within the meaning of s. 2(m) of the Wealth-tax Act can be defined as a liability to pay in praesenti or in futuro an ascertainable sum of money, Commissioner of Wealth Tax v. Her Highness Vijyaba Dowger Maharani Saheb of Bhavnagar Palace, (1979) 2 SCC 213: AIR 1979 SC 982: (1979) 3 SCR 545.
The deduction claimed in respect of each assessment year was in truth and substance a liability under the Indian Income-tax Act, 1922 or the Income-tax Act, 1961, as the case may be, and not a new liability created by the Finance Act, and, therefore, it constituted a 'debt owed' by the assessee on the respective valuation dates within the meaning of s. 2(m) of the Act and that the deduction claimed should be allowed while computing the net wealth of the assessee, Ahmed Ibrahim Sahigra Dhoraji v. Commissioner of Wealth Tax, (1981) 3 SCC 77: AIR 1981 SC 1562: (1981) 3 SCR 402.
A 'debt owed' within the meaning of, s. 2(m) of the Wealth-tax Act can be defined as a liability to pay in praesenti or in futuro an ascertainable sum of money', Kesoram Industries and Cotton Mills Ltd. v. C.I.T., AIR 1966 SC 1370: (1966) 2 SCR 688. [Wealth Tax Act, 1957, s. 2(m)]
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