https://www.taxtmi.com/caselaws?id=26705 The court held that loans taken on immature insurance policies were not deductible under section 2(m)(ii) of the Wealth-tax Act. The court ruled against the assessee, stating that until an insurance policy matures and is payable, it is not considered an asset in the net wealth. Therefore, any loan taken on such a policy cannot be claimed as a deductible debt owed. The decision aligned with previous High Court judgments and directed each party to bear their own costs. en-us Thu, 01 Aug 1985 00:00:00 +0530 Sat, 06 Feb 2010 18:42:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=26705 The court held that loans taken on immature insurance policies were not deductible under section 2(m)(ii) of the Wealth-tax Act. The court ruled against the assessee, stating that until an insurance policy matures and is payable, it is not considered an asset in the net wealth. Therefore, any loan taken on such a policy cannot be claimed as a deductible debt owed. The decision aligned with previous High Court judgments and directed each party to bear their own costs. Case-Laws Wealth-tax Thu, 01 Aug 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=26705