https://www.taxtmi.com/caselaws?id=27617 The court held that the debt owed to the Life Insurance Corporation of India cannot be deducted from the assessee's assets for computing net taxable wealth. Additionally, the excess advance tax paid was considered an asset chargeable to wealth-tax. The court granted leave to appeal to the Supreme Court to resolve conflicting opinions with the Gujarat High Court on the treatment of excess advance tax as an asset. en-us Wed, 22 Jun 1983 00:00:00 +0530 Mon, 15 Feb 2010 10:34:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=27617 The court held that the debt owed to the Life Insurance Corporation of India cannot be deducted from the assessee's assets for computing net taxable wealth. Additionally, the excess advance tax paid was considered an asset chargeable to wealth-tax. The court granted leave to appeal to the Supreme Court to resolve conflicting opinions with the Gujarat High Court on the treatment of excess advance tax as an asset. Case-Laws Wealth-tax Wed, 22 Jun 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=27617