(iii) 1[ the amount of the tax, penalty or interest payable in consequence of any order passed under or in pursuance of this Act or any law relating to taxation of income or profits, or the Estate Duty Act, 1953 , (34 of 1953 .) the Expenditure- tax Act, 1957 , (29 of 1957 .) or the Gift- tax Act, 1958 , (18 of 1958 .)- (a) which is outstanding on the valuation date and is claimed by the assessee in appeal, revision or other proceeding as not being payable by him, or (b) which, although not claimed by the assessee as not being payable by him, is nevertheless outstanding for a period of more than twelve months on the valuation date;]