1991 (4) TMI 71 - HC - Wealth-tax

Summary

The court ruled in favor of the Revenue, stating that debts incurred for the purchase of agricultural land cannot be fully deducted from the aggregate value of all assets for wealth tax calculation. The judgment was based on Circular No. 1070, which allows deductions in a manner most beneficial to the assessee when property is partially exempt under the Wealth-tax Act.