https://www.taxtmi.com/caselaws?id=169643 A liability linked to employee vehicle loans was treated as a real and subsisting debt connected with the motor cars, so it was deductible in computing net wealth under section 2(m). The required test was the existence of an appreciable nexus between the obligation and the asset, rather than a tenuous or illusory connection. On valuation, motor cars were not to be accepted mechanically at written down book figures from income-tax records; their wealth-tax value had to be determined afresh on proper market value principles. The deduction issue was decided in favour of the assessee, while the valuation matter was remitted for recomputation. en-us Thu, 21 Dec 2006 00:00:00 +0530 Tue, 28 Apr 2015 18:20:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=169643 A liability linked to employee vehicle loans was treated as a real and subsisting debt connected with the motor cars, so it was deductible in computing net wealth under section 2(m). The required test was the existence of an appreciable nexus between the obligation and the asset, rather than a tenuous or illusory connection. On valuation, motor cars were not to be accepted mechanically at written down book figures from income-tax records; their wealth-tax value had to be determined afresh on proper market value principles. The deduction issue was decided in favour of the assessee, while the valuation matter was remitted for recomputation. Case-Laws Income Tax Thu, 21 Dec 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=169643