https://www.taxtmi.com/caselaws?id=7545 Premiums paid on a life insurance policy funded through an overdraft were not deductible as a debt in computing net wealth under the Wealth-tax Act, 1957. The assessee's interest in the policy was excluded from net wealth under section 5(1)(vi) until policy moneys became due and payable, and section 2(m)(ii) disallowed debts secured on, or incurred in relation to, an asset on which wealth-tax was not payable. Because the premium liability arose in relation to an exempt insurance policy, it could not be treated as an allowable debt. The referred question was answered in the negative. en-us Thu, 24 Jul 1969 00:00:00 +0530 Wed, 25 Feb 2009 18:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=7545 Premiums paid on a life insurance policy funded through an overdraft were not deductible as a debt in computing net wealth under the Wealth-tax Act, 1957. The assessee's interest in the policy was excluded from net wealth under section 5(1)(vi) until policy moneys became due and payable, and section 2(m)(ii) disallowed debts secured on, or incurred in relation to, an asset on which wealth-tax was not payable. Because the premium liability arose in relation to an exempt insurance policy, it could not be treated as an allowable debt. The referred question was answered in the negative. Case-Laws Wealth-tax Thu, 24 Jul 1969 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=7545