Khanna, J. - (1.) This appeal on certificate is against the judgment of the Calcutta High Court whereby the High Court answered the following question referred to it under Section 27 of the Wealth Tax Act in favour of the revenue and against the assessee-appellant:"Whether on the facts and in the circumstances of the case, the provision of Rs. 49,19,520/- made by the assessee for its tax liability less the amount of the last instalment of advance tax constituted a debt owed by the assessee within the meaning of clause (m) of Section 2 of the Wealth Tax Act on the relevant valuation date -
(2.) The matter relates to the assessment year 1958-59, the relevant valuation date for which was December 31, 1957. A sum of Rupees 49,19,520/- was provided for in the books of the appellant for the discharge of its tax liabilities. The appellant claimed the amount as a deduction in the computation of the net wealth. The claim was disallowed by the wealth tax officer, the Appellate Assistant Commissioner of Wealth Tax and the Tribunal. On an application filed by the appellant, the Tribunal referred the question reproduced above to the High Court.
(3.) The High Court, while answering the question in favour of the revenue and against the assessee-appellant, relied upon its earlier decision in the case of Assam Oil Co. Ltd. v. Commissioner of Wealth Tax, Central Calcutta, 48 ITR 49.;