https://www.taxtmi.com/caselaws?id=71887 Employee vehicle-loan amounts qualify as deductible debt owed in computing net wealth where the arrangement creates a real, subsisting liability connected to cars owned by the assessee. Employee instalment payments, recovery of the remaining amount over time, and retention of title until repayment establish the required intelligible nexus with the assets; the deduction was therefore allowed. Motorcars cannot be valued mechanically at written down values based on income-tax depreciation. Their market value must be determined under applicable wealth-tax valuation principles. As no specific insurance value was available, the valuation was remitted for fresh determination and recomputation, resulting in partial relief. 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 Employee vehicle-loan amounts qualify as deductible debt owed in computing net wealth where the arrangement creates a real, subsisting liability connected to cars owned by the assessee. Employee instalment payments, recovery of the remaining amount over time, and retention of title until repayment establish the required intelligible nexus with the assets; the deduction was therefore allowed. Motorcars cannot be valued mechanically at written down values based on income-tax depreciation. Their market value must be determined under applicable wealth-tax valuation principles. As no specific insurance value was available, the valuation was remitted for fresh determination and recomputation, resulting in partial relief. Case-Laws Wealth-tax Thu, 14 Dec 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=71887