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1990 (7) TMI 51 - HC - Wealth-tax

  1. 2009 (1) TMI 64 - HC
The High Court of Bombay ruled that a loan obtained against the pledge of exempt National Defence Gold Bonds cannot be deducted in calculating net wealth for Wealth-tax purposes. The loan is not allowable under section 2(m)(ii) as it is secured on property not subject to wealth tax. The court decided in favor of the Revenue.

 

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