https://www.taxtmi.com/caselaws?id=60515 Rule 1BB of the Wealth-tax Rules was treated as mandatory, but where a house property had been purchased shortly before the valuation date and occupied for residential use, its valuation could properly remain at the actual purchase price because that was the only realistic basis on the facts. Municipal valuation was not binding in wealth-tax proceedings, though it could be relevant. On the debt issue, borrowing linked to exempt or partially exempt assets could not be deducted again in full from net wealth to the extent the same asset had already attracted exemption. The resulting computation sustained restriction of the claimed loan deductions for both the house and the shares. en-us Thu, 26 Nov 1987 00:00:00 +0530 Wed, 05 Jan 2011 16:59:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=60515 Rule 1BB of the Wealth-tax Rules was treated as mandatory, but where a house property had been purchased shortly before the valuation date and occupied for residential use, its valuation could properly remain at the actual purchase price because that was the only realistic basis on the facts. Municipal valuation was not binding in wealth-tax proceedings, though it could be relevant. On the debt issue, borrowing linked to exempt or partially exempt assets could not be deducted again in full from net wealth to the extent the same asset had already attracted exemption. The resulting computation sustained restriction of the claimed loan deductions for both the house and the shares. Case-Laws Wealth-tax Thu, 26 Nov 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=60515