https://www.taxtmi.com/caselaws?id=28457 The High Court of GAUHATI ruled that agricultural income-tax cannot be considered a debt under s. 2(m)(ii) of the Wealth-tax Act, 1957, as it relates to assets exempt from wealth tax. The court upheld the disallowance of the deduction claimed by the assessee, emphasizing that debts related to assets like agricultural land and crops, which are exempt from wealth tax, cannot be deducted in calculating net wealth. The decision favored the Department, denying the deduction of agricultural income-tax as a debt and concluded that each party would bear their own costs. en-us Tue, 30 Nov 1982 00:00:00 +0530 Mon, 22 Feb 2010 17:27:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=28457 The High Court of GAUHATI ruled that agricultural income-tax cannot be considered a debt under s. 2(m)(ii) of the Wealth-tax Act, 1957, as it relates to assets exempt from wealth tax. The court upheld the disallowance of the deduction claimed by the assessee, emphasizing that debts related to assets like agricultural land and crops, which are exempt from wealth tax, cannot be deducted in calculating net wealth. The decision favored the Department, denying the deduction of agricultural income-tax as a debt and concluded that each party would bear their own costs. Case-Laws Wealth-tax Tue, 30 Nov 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=28457