https://www.taxtmi.com/caselaws?id=5530 A decretal amount is deductible in wealth-tax computation only if it reflects a legally enforceable personal liability of the assessee on the valuation date; a liability confined to property not available for recovery does not qualify as a "debt owed". On that basis, the assessee could not deduct the decretal dues from net wealth. The reassessment provision was also held applicable because, once the deduction claim failed, the basis for the earlier exclusion disappeared and reassessment was properly invoked for the relevant assessment years. en-us Wed, 03 Apr 1996 00:00:00 +0530 Wed, 26 Nov 2008 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=5530 A decretal amount is deductible in wealth-tax computation only if it reflects a legally enforceable personal liability of the assessee on the valuation date; a liability confined to property not available for recovery does not qualify as a "debt owed". On that basis, the assessee could not deduct the decretal dues from net wealth. The reassessment provision was also held applicable because, once the deduction claim failed, the basis for the earlier exclusion disappeared and reassessment was properly invoked for the relevant assessment years. Case-Laws Wealth-tax Wed, 03 Apr 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=5530