https://www.taxtmi.com/caselaws?id=62113 For wealth-tax valuation, debts had to be assessed at their realisable market value on the valuation date, with regard to debtor solvency and the chance of recovery. Debts later written off or allowed as bad debts were treated as having no recoverable value on that date and were taken at nil value. The remaining debts were found to retain some value but not full face value, and a broad 50 per cent reduction was adopted to reflect market worth. The net wealth was therefore revised by excluding irrecoverable debts and valuing the balance at half their amount, granting partial relief to the assessee. en-us Wed, 31 Aug 1977 00:00:00 +0530 Tue, 18 Jan 2011 11:36:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=62113 For wealth-tax valuation, debts had to be assessed at their realisable market value on the valuation date, with regard to debtor solvency and the chance of recovery. Debts later written off or allowed as bad debts were treated as having no recoverable value on that date and were taken at nil value. The remaining debts were found to retain some value but not full face value, and a broad 50 per cent reduction was adopted to reflect market worth. The net wealth was therefore revised by excluding irrecoverable debts and valuing the balance at half their amount, granting partial relief to the assessee. Case-Laws Wealth-tax Wed, 31 Aug 1977 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=62113