THE COMMISSIONER OF WEALTH TAX, CENTRAL, KARACHI versus MST. NOOR BAI IBRAHIM
Section 2 (M) Debt Obligatory Tax Liabilities, even if the amount of debt owed is an Income Tax liability, which is adjustable outside the gross amount of the section 2 (M) of the asset. Tax Act Since the amount shown as a liability of the Income Tax can be allowed as an "Income tax liability" for adjustment to gross income under Section 2 (m) of the Act, Wealth tax act as shown under the Wealth Tax liability can also be allowed in the meaning of this section, like the debt owed.
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