https://www.taxtmi.com/caselaws?id=350338 Under the Wealth Tax Act, land escapes inclusion in net wealth only if it is shown by verifiable records to be agricultural land used for agriculture or land on which construction is legally prohibited. The assessee was required to prove the exact legal status of each plot, but the record was insufficient, so the land-status question was sent back for fresh verification by the Assessing Officer. Deduction of debts is available only where the liability is shown to relate directly to assets included in net wealth; because that nexus was not established, the debt claim was also remitted for reconsideration. en-us Mon, 31 Jul 2017 00:00:00 +0530 Sat, 04 Nov 2017 08:34:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=350338 Under the Wealth Tax Act, land escapes inclusion in net wealth only if it is shown by verifiable records to be agricultural land used for agriculture or land on which construction is legally prohibited. The assessee was required to prove the exact legal status of each plot, but the record was insufficient, so the land-status question was sent back for fresh verification by the Assessing Officer. Deduction of debts is available only where the liability is shown to relate directly to assets included in net wealth; because that nexus was not established, the debt claim was also remitted for reconsideration. Case-Laws Wealth-tax Mon, 31 Jul 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=350338