https://www.taxtmi.com/caselaws?id=27433 A loan raised on the security of a life insurance policy is not deductible in computing net wealth under the Wealth-tax Act, 1957, because the underlying policy itself is excluded from net wealth under section 5(1)(vi) read with section 2(m)(ii). The substitution of the word "chargeable" for "payable" in the relevant provision made no material difference to that position. The loan amount therefore could not reduce the assessee's net wealth, and the issue was answered against the assessee. en-us Tue, 07 Aug 1984 00:00:00 +0530 Fri, 12 Feb 2010 17:46:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=27433 A loan raised on the security of a life insurance policy is not deductible in computing net wealth under the Wealth-tax Act, 1957, because the underlying policy itself is excluded from net wealth under section 5(1)(vi) read with section 2(m)(ii). The substitution of the word "chargeable" for "payable" in the relevant provision made no material difference to that position. The loan amount therefore could not reduce the assessee's net wealth, and the issue was answered against the assessee. Case-Laws Wealth-tax Tue, 07 Aug 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=27433