https://www.taxtmi.com/caselaws?id=23142 The High Court of Bombay ruled that the debt incurred for constructing a residential house with partial exemption was not excluded under section 2(m)(ii) of the Wealth-tax Act. The court disagreed with the Wealth-tax Officer's disallowance, aligning with the dissenting view in a Madras High Court case. The judgment emphasized that debts related to properties chargeable to wealth tax, even partially, should be considered in the net wealth computation. The court's decision focused on the statutory interpretation without delving into circulars issued by the Central Board of Direct Taxes. en-us Mon, 23 Jul 1990 00:00:00 +0530 Thu, 17 Dec 2009 10:46:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=23142 The High Court of Bombay ruled that the debt incurred for constructing a residential house with partial exemption was not excluded under section 2(m)(ii) of the Wealth-tax Act. The court disagreed with the Wealth-tax Officer's disallowance, aligning with the dissenting view in a Madras High Court case. The judgment emphasized that debts related to properties chargeable to wealth tax, even partially, should be considered in the net wealth computation. The court's decision focused on the statutory interpretation without delving into circulars issued by the Central Board of Direct Taxes. Case-Laws Wealth-tax Mon, 23 Jul 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=23142