https://www.taxtmi.com/caselaws?id=18444 The High Court clarified that a debit balance in a partner's capital account in a firm cannot be considered an asset under the Wealth-tax Act. The Court emphasized that the deduction of debts under section 2(m) is only permissible if the debt is related to property chargeable to wealth tax. The Court directed the Appellate Tribunal to determine if the withdrawn amount leading to the debit balance was utilized for wealth-tax chargeable property. The case was remanded to the Tribunal for a new decision based on this clarification. en-us Fri, 15 Dec 1995 00:00:00 +0530 Sun, 06 Feb 2011 05:24:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=18444 The High Court clarified that a debit balance in a partner's capital account in a firm cannot be considered an asset under the Wealth-tax Act. The Court emphasized that the deduction of debts under section 2(m) is only permissible if the debt is related to property chargeable to wealth tax. The Court directed the Appellate Tribunal to determine if the withdrawn amount leading to the debit balance was utilized for wealth-tax chargeable property. The case was remanded to the Tribunal for a new decision based on this clarification. Case-Laws Wealth-tax Fri, 15 Dec 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=18444