https://www.taxtmi.com/caselaws?id=21077 The High Court ruled against the Revenue, holding that the debt should be valued at nil due to the debtor's insolvency and inability to repay. The Court found that the debtor's clear communication of financial distress and suspension of payments rendered the debt valueless in the open market. Emphasizing the importance of concrete evidence of insolvency, the judgment clarified the valuation of debts for wealth-tax assessment, highlighting the need for such evidence in determining the value of a debt for taxation purposes. en-us Tue, 11 Feb 1992 00:00:00 +0530 Thu, 19 Nov 2009 17:56:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=21077 The High Court ruled against the Revenue, holding that the debt should be valued at nil due to the debtor's insolvency and inability to repay. The Court found that the debtor's clear communication of financial distress and suspension of payments rendered the debt valueless in the open market. Emphasizing the importance of concrete evidence of insolvency, the judgment clarified the valuation of debts for wealth-tax assessment, highlighting the need for such evidence in determining the value of a debt for taxation purposes. Case-Laws Wealth-tax Tue, 11 Feb 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=21077