https://www.taxtmi.com/caselaws?id=353281 Deduction of debts in net wealth computation under section 2(m) of the Wealth Tax Act, 1957 is available only where the borrowing is shown to relate to the taxable assets. A proportionate allocation of borrowings cannot replace proof of a direct factual nexus when the source and use of funds can be specifically examined. As the record lacked complete details on acquisition of the vehicles and utilisation of borrowed funds, the matter was restored to the Assessing Officer for fresh verification and decision in accordance with law after hearing the assessee. en-us Fri, 15 Dec 2017 00:00:00 +0530 Mon, 01 Jan 2018 06:00:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=353281 Deduction of debts in net wealth computation under section 2(m) of the Wealth Tax Act, 1957 is available only where the borrowing is shown to relate to the taxable assets. A proportionate allocation of borrowings cannot replace proof of a direct factual nexus when the source and use of funds can be specifically examined. As the record lacked complete details on acquisition of the vehicles and utilisation of borrowed funds, the matter was restored to the Assessing Officer for fresh verification and decision in accordance with law after hearing the assessee. Case-Laws Wealth-tax Fri, 15 Dec 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=353281