1969 (7) TMI 7

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..... 7(1) of the Wealth-tax Act, 1957. They are: " (1) Whether the provisions of the Wealth-tax Act levying tax on the total wealth of Hindu undivided families are ultra vires the Constitution of India ? (2) Whether such provisions are ultra vires the Constitution of India as being discriminatory? (3) Whether the provisions of the Wealth-tax Act imposing a tax on the capital value of the lands and b .....

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..... pose of computation of net assets. The assessee's stand was rejected all through. The question for consideration is whether the amount so claimed can be deducted from the net wealth. Section 2(m)(ii) of the Wealth-tax Act runs thus: " (m) 'net wealth' means the amount by which the aggregate value computed in accordance with the provisions of this Act of all the assets, wherever located, belongi .....

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..... i) the right or interest of the assessee in any policy of insurance before the moneys covered by the policies become due and payable to the assessee." Recurring payment of premia towards a life insurance policy involves expenditure. Thus a liability or debt is incurred. This debt is incurred in relation to a life insurance policy which under section 5(1)(vi) is an asset not to be taken into consi .....

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