https://www.taxtmi.com/caselaws?id=69351 Section 44 was construed to require a mortgage debt chargeable on immovable property to be deducted in full from the property's value before applying the exemption under section 33(1)(n), so the estate-duty base is the net asset value. The proviso did not justify scaling the debt allowance down merely because only part of the property was liable to estate duty, and no express provision mandated proportional reduction. Where competing computations were possible, the interpretation more favourable to the assessee was adopted, and the assessee's full deduction claim was upheld. en-us Sat, 31 Jul 1982 00:00:00 +0530 Wed, 06 Apr 2011 13:09:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=69351 Section 44 was construed to require a mortgage debt chargeable on immovable property to be deducted in full from the property's value before applying the exemption under section 33(1)(n), so the estate-duty base is the net asset value. The proviso did not justify scaling the debt allowance down merely because only part of the property was liable to estate duty, and no express provision mandated proportional reduction. Where competing computations were possible, the interpretation more favourable to the assessee was adopted, and the assessee's full deduction claim was upheld. Case-Laws Income Tax Sat, 31 Jul 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=69351