https://www.taxtmi.com/caselaws?id=39558 An encumbered urban asset under section 7 of the Wealth-tax Act must be valued at its open market value as burdened by the mortgage, not as if held free from charge. The mortgage reduces the assessee's interest in the property, so the debt is deductible when arriving at the taxable value. The later insertion of a specific deduction rule for urban assets did not displace this principle for the assessment years in question. The valuation question was answered in favour of the assessee, with deduction of the mortgage debt allowed. en-us Wed, 09 Oct 1974 00:00:00 +0530 Sat, 17 Apr 2010 12:32:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=39558 An encumbered urban asset under section 7 of the Wealth-tax Act must be valued at its open market value as burdened by the mortgage, not as if held free from charge. The mortgage reduces the assessee's interest in the property, so the debt is deductible when arriving at the taxable value. The later insertion of a specific deduction rule for urban assets did not displace this principle for the assessment years in question. The valuation question was answered in favour of the assessee, with deduction of the mortgage debt allowed. Case-Laws Wealth-tax Wed, 09 Oct 1974 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=39558