COMMISSIONER OF WEALTH TAX, PATNA vs RAGHUBlR NARAIN SINGH

The Supreme Court addressed the valuation of 'net wealth' under Section 7 read with Section 2(m) of the Wealth Tax Act, 1957, clarifying that each asset and debt must be valued separately. The Court held that while debts can be deducted from the value of assets, the market value of an asset must be determined independently of any liabilities associated with it. The appeals were dismissed, affirming the correctness of the High Court's valuation approach.