https://www.taxtmi.com/caselaws?id=69639 For wealth-tax purposes, a compulsory deposit was treated as a deemed deposit with a banking company under the retrospective amendment, so exemption was available only within the statutory ceiling under section 5(1A) and no full exclusion from net wealth was permitted. An outstanding debt owed on the valuation date was deductible under section 2(m) because it was an admitted liability then in existence, and the statutory exclusion did not apply merely because the debt had originally been incurred to acquire capital investment bonds that had already been transferred before that date. The net wealth computation was therefore adjusted to allow the debt deduction while retaining the exemption limit for the compulsory deposit. en-us Fri, 31 Jul 1987 00:00:00 +0530 Mon, 11 Apr 2011 11:44:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=69639 For wealth-tax purposes, a compulsory deposit was treated as a deemed deposit with a banking company under the retrospective amendment, so exemption was available only within the statutory ceiling under section 5(1A) and no full exclusion from net wealth was permitted. An outstanding debt owed on the valuation date was deductible under section 2(m) because it was an admitted liability then in existence, and the statutory exclusion did not apply merely because the debt had originally been incurred to acquire capital investment bonds that had already been transferred before that date. The net wealth computation was therefore adjusted to allow the debt deduction while retaining the exemption limit for the compulsory deposit. Case-Laws Wealth-tax Fri, 31 Jul 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=69639