https://www.taxtmi.com/caselaws?id=12805 The High Court interpreted provisions of the Wealth-tax Act, 1957, focusing on whether a loan secured by life insurance policies is deductible in computing net wealth. The court considered legislative intent and precedent, ultimately ruling in favor of the assessee. It held that the loan should be deducted, emphasizing that the source of asset acquisition is irrelevant, and assets acquired with the loan should be included in net wealth. The court's decision favored the assessee, allowing the loan as a deductible liability under section 2(m)(ii) of the Act. en-us Tue, 11 Dec 2001 00:00:00 +0530 Fri, 22 May 2009 11:15:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=12805 The High Court interpreted provisions of the Wealth-tax Act, 1957, focusing on whether a loan secured by life insurance policies is deductible in computing net wealth. The court considered legislative intent and precedent, ultimately ruling in favor of the assessee. It held that the loan should be deducted, emphasizing that the source of asset acquisition is irrelevant, and assets acquired with the loan should be included in net wealth. The court's decision favored the assessee, allowing the loan as a deductible liability under section 2(m)(ii) of the Act. Case-Laws Income Tax Tue, 11 Dec 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=12805