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G. ARAVINTHAN (Legal Consultant / Solicitor)     19 March 2009

Debt - Meaning

Can anyone say in detail or categorically define the word debt? is tax dues to government comes under the word "debt"


 4 Replies

N.K.Assumi (Advocate)     19 March 2009

Dear Ganesanji,

                          See the case of C.W.T. Vs Ahmad Tea Co., AIR 1967 Assam 63 at page 65. The Gauhati High Court observed that: As the liability to pay income tax is there, and the assessee has set apart certain amount thought to be necessary for discharging the tax liability, the same has been ascertained and it can  not be said that the amount is not a debt.

Simply put, debt means, .... a debt is a sum of money which is now payable or will become payable in the future by reason of a present obligations.

Y V Vishweshwar Rao (Advocate )     19 March 2009

Mr Assumi is corrct and it is inforamtive

G. ARAVINTHAN (Legal Consultant / Solicitor)     20 March 2009

 Whether tax due to Sales tax commissioner or income tax commissioner is a debt?

vijay dhiman (advocate)     20 March 2009

debt means which money is not recoverable

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