https://www.taxtmi.com/caselaws?id=28812 For wealth-tax purposes, an individual's share in property held with another person in an association of persons is includible in net wealth, and equal ownership may be inferred where no specific shares are stated. Outstanding income-tax liability attributable to the family estate was not deductible as a debt where the statutory exception applied. By contrast, a decretal liability for which the assessee was jointly and severally liable was deductible in full because it remained an enforceable debt. A decree pending execution could also be valued at the amount actually realised where that was the basis accepted on the facts. en-us Mon, 26 Apr 1982 00:00:00 +0530 Thu, 25 Feb 2010 18:35:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=28812 For wealth-tax purposes, an individual's share in property held with another person in an association of persons is includible in net wealth, and equal ownership may be inferred where no specific shares are stated. Outstanding income-tax liability attributable to the family estate was not deductible as a debt where the statutory exception applied. By contrast, a decretal liability for which the assessee was jointly and severally liable was deductible in full because it remained an enforceable debt. A decree pending execution could also be valued at the amount actually realised where that was the basis accepted on the facts. Case-Laws Wealth-tax Mon, 26 Apr 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=28812