Judgment

SHAH, J. : For the assessment year 1957-58 the appellant Company claimed, in proceedings for assessment of wealth-tax, that the following four amounts be deducted in the computation of its net wealth :

(1) Rs. 29,44,421 in respect of income-tax liability relating to the assessment year 1957-58. This amount included Rs. 2,95,869 representing the last instalment of advance tax under S. 18A in respect of which a notice of demand had been issued.

(2) Rs. 3, 70,083 in respect of business profits tax liability.

(3) Rs. 20,23,500 in respect of proposed dividend.

(4) Rs. 25,02,675 on account of accrued liability for gratuity to workmen and staff as per the award of Industrial Court and Labour Appellate Tribunal.

The claim was rejected by the Wealth-tax Officer. The Appellate Assistant Commissioner accepted the claim of the appellant Company in respect of the last instalment of the advance tax for which a notice of demand had been issued, and rejected the claim in respect of the rest. The Income-tax Appellate Tribunal upheld the claim of the appellant Company in respect of the 1st, 2nd and the 4th items and rejected the claim in respect of the 3rd item.

2. At the instance of the Commissio