https://www.taxtmi.com/caselaws?id=71887 A vehicle-loan liability linked to employee motorcars was treated as a real, subsisting debt with an intelligible nexus to the asset, so it was deductible as a debt owed in computing net wealth under section 2(m). The motorcars were not to be valued mechanically by the written-down value shown in the books; in the absence of a specific insurance value, wealth-tax valuation principles required a fresh determination of market value. The article therefore distinguishes between deductible asset-related liabilities and the separate obligation to assess vehicle value on an appropriate wealth-tax basis. en-us Thu, 14 Dec 2006 00:00:00 +0530 Wed, 27 Apr 2011 16:58:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=71887 A vehicle-loan liability linked to employee motorcars was treated as a real, subsisting debt with an intelligible nexus to the asset, so it was deductible as a debt owed in computing net wealth under section 2(m). The motorcars were not to be valued mechanically by the written-down value shown in the books; in the absence of a specific insurance value, wealth-tax valuation principles required a fresh determination of market value. The article therefore distinguishes between deductible asset-related liabilities and the separate obligation to assess vehicle value on an appropriate wealth-tax basis. Case-Laws Wealth-tax Thu, 14 Dec 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=71887