Summarize the following court judgment. il Appeal No. 71 of 1972. (From the Judgment and Order dated the 18th December	 1964 the Calcutta High Court in Matter No. 199/61). T.A. Ramachandran and D.N. Gupta	 for the appellant. B.B. Ahuja and R.N. Sachthey	 for respondent. The Judgment of the Court was delivered by KHANNA	 J. 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 circum stances 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 ?" The matter relates to the assessment year 1958 59	 the relevant valuation date for which was December 31	 1957. A sum of Rs.49	19	520/ was provided for in the books of the appellant for the dis 3 1546 SCI/76 296 charge 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. 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. vs Commissioner of Wealth Tax	 Central Calcutta(1). The decision in the case of Assam Oil Co	 Ltd. relied upon by the High Court was reversed on appeal by this Court. Naturally therefore at the hearing of the appeal	 Mr. Rama chandran	 learned counsel for the appellant	 has drawn our attention to that decision of this Court in the case of Assam Oil Co. vs Commissioner of Wealth Tax	 Central Calcut ta(2). It was held in that case by majority that the amount set apart by the appellant company in its balance sheet as on December 31	 1956 as an estimated provision for meeting its tax liability	 less the last instalment of the demand of the advance tax	 was a debt owed by the appellant company on December 31	 1956	 the relevant valuation date	 within the meaning of section 2(m) of the Wealth Tax Act	 1957	 and was deductible in computing its net wealth as on that date. Following that decision	 we are of the view that the answer to the question referred by the Tribunal to the High Court should be in the affirmative in favour of the assessee appellant and against the revenue. Mr. Ahuja submits that the view taken by the majority in the case of Assam Oil Co. Ltd. needs reconsideration. This Bench	 however	 is bound by that decision. Following that decision	 we accept the appeal	 set aside the judgment of the High Court and answer the question referred by the Tribunal in the affirmative in favour of the assessee appellant and against the revenue. The parties in the circumstances shall bear their own costs of this Court as well as of the High Court. P.H.P. Appeal allowed.

The appellant made a provision for a sum of Rs.49	19	520/ in his books of account for the discharge of its tax liabil ities. The appellant claimed deduction of the said amount for computation of his net wealth on the ground that it was a debt owed by the assessee within the meaning of section 2(m) of the Wealth Tax Act. The claim was disallowed by the Wealth Tax Officer	 the Appellate Asstt. Commissioner of Wealth Tax and the Tribunal. The High Court of Calcutta answered the reference in favour of the revenue and against the assessee relying on its earlier decision in the ease of Assam Oil Co. Ltd. Allowing the appeal by certificate	 HELD: This Court has reversed the decision of Calcutta High Court in the case of Assam Oil Co. Ltd. In that case this Court held by majority that the amount set apart by an assessee in his balance sheet on the valuation date as an estimated provision for meeting its tax liability less the last instalment of the payment of the advance tax was a debt owed by the assessee within the meaning of section 2(m) of the Wealth Tax Act	 1957 and was deductible in computing its net wealth as on that date. The Court followed the said deci sion. [296C G] Assam Oil Co. vs Commissioner of Wealth Tax	 Central Calcut ta	 followed.