https://www.taxtmi.com/caselaws?id=7357 The court determined that the liability of Rs. 31,26,000 incurred by the assessee for purchasing assets from Kellner was a debt owed under section 2(m) of the Wealth-tax Act. The court rejected the revenue's argument linking the liability to shares, emphasizing the separate nature of the transactions and entities involved. It was held that the liability should be deducted in computing net wealth. The court ruled in favor of the assessee, awarding costs and counsel's fee. en-us Wed, 13 Dec 1967 00:00:00 +0530 Wed, 18 Feb 2009 11:14:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=7357 The court determined that the liability of Rs. 31,26,000 incurred by the assessee for purchasing assets from Kellner was a debt owed under section 2(m) of the Wealth-tax Act. The court rejected the revenue's argument linking the liability to shares, emphasizing the separate nature of the transactions and entities involved. It was held that the liability should be deducted in computing net wealth. The court ruled in favor of the assessee, awarding costs and counsel's fee. Case-Laws Wealth-tax Wed, 13 Dec 1967 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=7357