https://www.taxtmi.com/caselaws?id=28671 Loans raised on the security of life insurance policies were held not deductible as liabilities while computing net wealth under the Wealth-tax Act, 1957. The Court applied earlier decisions on wealth-tax computation and treated such a secured borrowing as outside the class of allowable debts, even though the borrowing was connected with acquiring taxable assets. The result was that the assessee could not reduce net wealth by the amount of the loan, and the issue was answered against the assessee. en-us Wed, 12 Jan 1983 00:00:00 +0530 Wed, 24 Feb 2010 16:26:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=28671 Loans raised on the security of life insurance policies were held not deductible as liabilities while computing net wealth under the Wealth-tax Act, 1957. The Court applied earlier decisions on wealth-tax computation and treated such a secured borrowing as outside the class of allowable debts, even though the borrowing was connected with acquiring taxable assets. The result was that the assessee could not reduce net wealth by the amount of the loan, and the issue was answered against the assessee. Case-Laws Wealth-tax Wed, 12 Jan 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=28671