https://www.taxtmi.com/caselaws?id=22116 Where debt is incurred to acquire agricultural land that is partly exempt under the wealth-tax exemption scheme, the deduction is confined to the value of the asset actually includible in net wealth and cannot be set off against the aggregate of all assets without limit. In the absence of a clear statutory direction, the computation should follow the method most beneficial to the assessee, but only within the taxable portion of the relevant property. The stated principle is that exemption of agricultural land does not eliminate the related debt entirely; it only restricts the extent of deduction to the includible value of that asset. en-us Mon, 08 Apr 1991 00:00:00 +0530 Mon, 07 Dec 2009 11:53:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=22116 Where debt is incurred to acquire agricultural land that is partly exempt under the wealth-tax exemption scheme, the deduction is confined to the value of the asset actually includible in net wealth and cannot be set off against the aggregate of all assets without limit. In the absence of a clear statutory direction, the computation should follow the method most beneficial to the assessee, but only within the taxable portion of the relevant property. The stated principle is that exemption of agricultural land does not eliminate the related debt entirely; it only restricts the extent of deduction to the includible value of that asset. Case-Laws Wealth-tax Mon, 08 Apr 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=22116