https://www.taxtmi.com/caselaws?id=11478 Under the Wealth-tax Act, a liability can be deducted only if it is a debt owed by the assessee. Applying the notional partition under the proviso to section 6 of the Hindu Succession Act, the deceased coparcener's 1/3rd share was carved out notionally, and the estate duty on that share was treated as a charge on the deceased's estate under the Estate Duty Act, not as a liability of the continuing HUF. Because the debt belonged to the heirs of the deceased coparcener and not to the assessee-HUF, it could not be deducted from the HUF's net wealth. The rectification withdrawing the earlier allowance of that deduction was therefore valid. en-us Mon, 26 Nov 2001 00:00:00 +0530 Mon, 10 Aug 2009 13:45:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=11478 Under the Wealth-tax Act, a liability can be deducted only if it is a debt owed by the assessee. Applying the notional partition under the proviso to section 6 of the Hindu Succession Act, the deceased coparcener's 1/3rd share was carved out notionally, and the estate duty on that share was treated as a charge on the deceased's estate under the Estate Duty Act, not as a liability of the continuing HUF. Because the debt belonged to the heirs of the deceased coparcener and not to the assessee-HUF, it could not be deducted from the HUF's net wealth. The rectification withdrawing the earlier allowance of that deduction was therefore valid. Case-Laws Wealth-tax Mon, 26 Nov 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=11478