COMMISSIONER OF WEALTH TAX, GUJARAT, AHMEDABAD vs VADILAL LALLUBHAI ETC.

The Supreme Court held that in wealth tax assessments, the final quantification of tax liabilities, including income tax, wealth tax, and gift tax, must be considered for deductions, even if such quantification occurs after the valuation date. The Court affirmed the Gujarat High Court's ruling that the actual amount of tax assessed is relevant for computing net wealth, rejecting the Revenue's argument for using estimated liabilities. The judgment clarifies that deductions should be based on final assessments rather than estimates made prior to the valuation date.