https://www.taxtmi.com/caselaws?id=35702 The court ruled against the assessee, holding that a loan secured against exempted assets, specifically life insurance policies, is not deductible when calculating net wealth under the Wealth-tax Act, 1957. The court emphasized the application of section 2(m)(ii) of the Act, which excludes debts secured on property for which wealth tax is not chargeable. The decision aligned with precedent, emphasizing that loans utilized to acquire taxable assets cannot benefit from exemptions for specific asset classes. Consequently, the court rejected the assessee's claim for deductibility of the loan against exempted assets, affirming the significance of section 2(m)(ii) in such circumstances. en-us Fri, 20 Feb 1981 00:00:00 +0530 Tue, 16 Mar 2010 12:03:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=35702 The court ruled against the assessee, holding that a loan secured against exempted assets, specifically life insurance policies, is not deductible when calculating net wealth under the Wealth-tax Act, 1957. The court emphasized the application of section 2(m)(ii) of the Act, which excludes debts secured on property for which wealth tax is not chargeable. The decision aligned with precedent, emphasizing that loans utilized to acquire taxable assets cannot benefit from exemptions for specific asset classes. Consequently, the court rejected the assessee's claim for deductibility of the loan against exempted assets, affirming the significance of section 2(m)(ii) in such circumstances. Case-Laws Wealth-tax Fri, 20 Feb 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=35702