https://www.taxtmi.com/caselaws?id=57703 A debt that is practically irrecoverable and has no realistic market value is not includible in net wealth for wealth-tax purposes. Here, the debt due from M/s. Govind Glass Works Ltd. and the accrued interest were treated as unrealisable because recovery had remained unsuccessful despite civil proceedings, the debtor-company had been struck off, service of notices was failing, and the debtor was effectively untraceable. On those facts, the possibility of recovery was held to be remote, and the debt was directed to be excluded from the assessee's net wealth. en-us Fri, 31 Jul 1981 00:00:00 +0530 Mon, 13 Dec 2010 11:03:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=57703 A debt that is practically irrecoverable and has no realistic market value is not includible in net wealth for wealth-tax purposes. Here, the debt due from M/s. Govind Glass Works Ltd. and the accrued interest were treated as unrealisable because recovery had remained unsuccessful despite civil proceedings, the debtor-company had been struck off, service of notices was failing, and the debtor was effectively untraceable. On those facts, the possibility of recovery was held to be remote, and the debt was directed to be excluded from the assessee's net wealth. Case-Laws Wealth-tax Fri, 31 Jul 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=57703