https://www.taxtmi.com/caselaws?id=21037 The court ruled in favor of the assessee, allowing the deduction of a debt amounting to Rs. 43,022 in the wealth-tax assessment for the year 1969-70. The court held that the debt was not related to an asset exempted from wealth tax, therefore, it was deductible under section 2(m)(ii) of the Wealth-tax Act, 1957. The Revenue's argument that the liability was incurred in relation to an exempted property was not accepted as it was not raised before the Tribunal and had no legal basis. The court emphasized that the purpose of the provision was to prevent double benefits, which did not apply in this case. en-us Mon, 16 Nov 1992 00:00:00 +0530 Wed, 18 Nov 2009 17:17:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=21037 The court ruled in favor of the assessee, allowing the deduction of a debt amounting to Rs. 43,022 in the wealth-tax assessment for the year 1969-70. The court held that the debt was not related to an asset exempted from wealth tax, therefore, it was deductible under section 2(m)(ii) of the Wealth-tax Act, 1957. The Revenue's argument that the liability was incurred in relation to an exempted property was not accepted as it was not raised before the Tribunal and had no legal basis. The court emphasized that the purpose of the provision was to prevent double benefits, which did not apply in this case. Case-Laws Wealth-tax Mon, 16 Nov 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=21037