COMMISSIONER OF WEALTH TAX, GUJARAT vs VIMLABEEN VADILAL MEHTA

The Supreme Court held that rectification of an assessment under the Wealth Tax Act must be treated as an original assessment for the purpose of claiming deductions. The Court emphasized that the rectification merely quantifies the true tax liability, which is considered a debt on the last day of the previous year for income tax and on the valuation date for wealth tax. The appeal was dismissed, affirming the Appellate Assistant Commissioner's decision to allow the deduction despite it being claimed after the original assessment proceedings.