https://www.taxtmi.com/caselaws?id=195583 The Tribunal allowed the appeals and cross objections, determining that advances against plot booking and JDA charges were deductible debts under section 2(m) of the Wealth Tax Act. The Assessing Officer's disallowance was overturned as the advances were used for acquiring assets, qualifying them as deductible debts. The CIT (A) was directed to calculate the assessee's wealth at 2% of outstanding creditors, recognizing the advances as part of business transactions and not mere advance sale receipts. en-us Mon, 19 Aug 2013 00:00:00 +0530 Sat, 04 Nov 2017 14:27:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=195583 The Tribunal allowed the appeals and cross objections, determining that advances against plot booking and JDA charges were deductible debts under section 2(m) of the Wealth Tax Act. The Assessing Officer's disallowance was overturned as the advances were used for acquiring assets, qualifying them as deductible debts. The CIT (A) was directed to calculate the assessee's wealth at 2% of outstanding creditors, recognizing the advances as part of business transactions and not mere advance sale receipts. Case-Laws Income Tax Mon, 19 Aug 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=195583