https://www.taxtmi.com/caselaws?id=8286 The High Court ruled in favor of the assessee, holding that debts amounting to Rs. 30 lakhs should have been deducted in calculating net wealth. The court determined that the assessee was liable to pay debts inherited from the deceased father, constituting debts owed by the assessee. Consequently, section 17 of the Wealth-tax Act could not be applied for the relevant assessment years. The court awarded costs to the assessee and clarified the interpretation of debts owed by an assessee under the Act. en-us Thu, 22 Apr 1971 00:00:00 +0530 Thu, 09 Apr 2009 10:24:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=8286 The High Court ruled in favor of the assessee, holding that debts amounting to Rs. 30 lakhs should have been deducted in calculating net wealth. The court determined that the assessee was liable to pay debts inherited from the deceased father, constituting debts owed by the assessee. Consequently, section 17 of the Wealth-tax Act could not be applied for the relevant assessment years. The court awarded costs to the assessee and clarified the interpretation of debts owed by an assessee under the Act. Case-Laws Wealth-tax Thu, 22 Apr 1971 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=8286