https://www.taxtmi.com/caselaws?id=27448 Interpretation of the definition of net wealth under Section 2(m)(ii) requires assessing aggregate assets and aggregate debts so that debts related to assets not chargeable to wealth-tax are excluded only to the extent attributable to exempt portions. The correct legal approach rejects treating an entire liability as deductible where the secured asset is only partly exempt; instead the debt must be apportioned between exempt and taxable portions. Applying the apportionment principle and a purposive construction prevents double advantage to the taxpayer and leads to excluding from net wealth only the portion of debt corresponding to the exempt portion of the asset. en-us Fri, 12 Nov 1982 00:00:00 +0530 Fri, 06 Feb 2026 16:55:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=27448 Interpretation of the definition of net wealth under Section 2(m)(ii) requires assessing aggregate assets and aggregate debts so that debts related to assets not chargeable to wealth-tax are excluded only to the extent attributable to exempt portions. The correct legal approach rejects treating an entire liability as deductible where the secured asset is only partly exempt; instead the debt must be apportioned between exempt and taxable portions. Applying the apportionment principle and a purposive construction prevents double advantage to the taxpayer and leads to excluding from net wealth only the portion of debt corresponding to the exempt portion of the asset. Case-Laws Wealth-tax Fri, 12 Nov 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=27448