https://www.taxtmi.com/caselaws?id=14883 The High Court upheld the Tribunal's decision, allowing the deduction of debts allotted to legal representatives in computing net wealth under the Wealth-tax Act, 1957. The Court ruled that the liabilities were not contingent, not fastened on exempted assets, and not limited to the value of the inherited property. It held that the debts were incurred by the executor for estate tax liabilities and were not inherited debts of the assessees. The Court found in favor of the assessees, dismissing the Revenue's appeal. en-us Mon, 13 Dec 1999 00:00:00 +0530 Thu, 23 Jul 2009 18:27:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=14883 The High Court upheld the Tribunal's decision, allowing the deduction of debts allotted to legal representatives in computing net wealth under the Wealth-tax Act, 1957. The Court ruled that the liabilities were not contingent, not fastened on exempted assets, and not limited to the value of the inherited property. It held that the debts were incurred by the executor for estate tax liabilities and were not inherited debts of the assessees. The Court found in favor of the assessees, dismissing the Revenue's appeal. Case-Laws Wealth-tax Mon, 13 Dec 1999 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=14883