https://www.taxtmi.com/caselaws?id=58377 A loan liability treated as deemed dividend under the Income-tax Act remained a debt owed on the valuation date for wealth-tax purposes, because deductibility under section 2(m) of the Wealth-tax Act depends only on whether the liability falls within the statutory exclusions. As the amount was an existing debt and did not come within sub-clauses (i) to (iii), it was deductible in computing net wealth. en-us Tue, 25 Nov 1986 00:00:00 +0530 Sat, 18 Dec 2010 17:03:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=58377 A loan liability treated as deemed dividend under the Income-tax Act remained a debt owed on the valuation date for wealth-tax purposes, because deductibility under section 2(m) of the Wealth-tax Act depends only on whether the liability falls within the statutory exclusions. As the amount was an existing debt and did not come within sub-clauses (i) to (iii), it was deductible in computing net wealth. Case-Laws Wealth-tax Tue, 25 Nov 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=58377