https://www.taxtmi.com/caselaws?id=350370 The Tribunal allowed both Wealth Tax Appeals for statistical purposes, remanding the matters to the Assessing Officer for further inquiry. The first issue regarding the addition of wealth was set aside for fresh decision, directing the AO to investigate the permissibility of construction on the land and refer valuation to the District Valuation Officer if necessary. The second issue concerning the deduction of debts for acquiring taxable assets was also remanded for re-examination to establish a nexus between the debt and assets, following the same reasoning as in a previous case. en-us Tue, 31 Oct 2017 00:00:00 +0530 Sat, 04 Nov 2017 08:37:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=350370 The Tribunal allowed both Wealth Tax Appeals for statistical purposes, remanding the matters to the Assessing Officer for further inquiry. The first issue regarding the addition of wealth was set aside for fresh decision, directing the AO to investigate the permissibility of construction on the land and refer valuation to the District Valuation Officer if necessary. The second issue concerning the deduction of debts for acquiring taxable assets was also remanded for re-examination to establish a nexus between the debt and assets, following the same reasoning as in a previous case. Case-Laws Wealth-tax Tue, 31 Oct 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=350370