https://www.taxtmi.com/caselaws?id=35857 The High Court of Madras ruled in favor of the assessee in a case concerning the deduction of a debt in the calculation of taxable net wealth secured on both exempted and non-exempted assets. The court held that the debt, secured on a house property liable to wealth tax and a life policy, was eligible for deduction despite the exempt nature of the life policy. The court emphasized that Section 2(m)(ii) of the Wealth Tax Act does not apply when a debt is secured on properties with varying tax implications, and rejected the notion of apportioning the debt value between different securities. en-us Wed, 09 Sep 1981 00:00:00 +0530 Wed, 17 Mar 2010 12:10:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=35857 The High Court of Madras ruled in favor of the assessee in a case concerning the deduction of a debt in the calculation of taxable net wealth secured on both exempted and non-exempted assets. The court held that the debt, secured on a house property liable to wealth tax and a life policy, was eligible for deduction despite the exempt nature of the life policy. The court emphasized that Section 2(m)(ii) of the Wealth Tax Act does not apply when a debt is secured on properties with varying tax implications, and rejected the notion of apportioning the debt value between different securities. Case-Laws Wealth-tax Wed, 09 Sep 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=35857