https://www.taxtmi.com/caselaws?id=12261 Advance sale consideration paid under an uncompleted agreement for sale may be treated as a deductible liability in net wealth computation where the statutory language permits deduction of debts incurred in relation to the asset. The Calcutta High Court noted that the assessee remained owner on the valuation date, but accepted that the advance was paid toward the very property being assessed and that allied property law supported a charge over the property for purchase money properly paid. The Court therefore rejected the Revenue's narrower view and held that the amount was deductible under section 40(2) of the Finance Act, 1983. en-us Fri, 12 Jul 2002 00:00:00 +0530 Sat, 20 Feb 2010 15:59:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=12261 Advance sale consideration paid under an uncompleted agreement for sale may be treated as a deductible liability in net wealth computation where the statutory language permits deduction of debts incurred in relation to the asset. The Calcutta High Court noted that the assessee remained owner on the valuation date, but accepted that the advance was paid toward the very property being assessed and that allied property law supported a charge over the property for purchase money properly paid. The Court therefore rejected the Revenue's narrower view and held that the amount was deductible under section 40(2) of the Finance Act, 1983. Case-Laws Wealth-tax Fri, 12 Jul 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=12261