https://www.taxtmi.com/caselaws?id=68930 The Tribunal ruled in favor of the Revenue in both issues presented in the case. Regarding the determination of the value of jewellery, the Tribunal held that the 15% discount allowed by the Commissioner (Appeals) should not be deducted based on the provisions of the Wealth-tax Act. Concerning the deductibility of income-tax and wealth-tax liabilities, the Tribunal determined that such liabilities are personal obligations and not debts related to the assets, thus disallowing their deduction. The decision was based on statutory provisions and legal precedents, ultimately siding with the Revenue on both matters. en-us Fri, 16 Dec 2005 00:00:00 +0530 Mon, 17 Jun 2013 12:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=68930 The Tribunal ruled in favor of the Revenue in both issues presented in the case. Regarding the determination of the value of jewellery, the Tribunal held that the 15% discount allowed by the Commissioner (Appeals) should not be deducted based on the provisions of the Wealth-tax Act. Concerning the deductibility of income-tax and wealth-tax liabilities, the Tribunal determined that such liabilities are personal obligations and not debts related to the assets, thus disallowing their deduction. The decision was based on statutory provisions and legal precedents, ultimately siding with the Revenue on both matters. Case-Laws Income Tax Fri, 16 Dec 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=68930