1990 (7) TMI 61 - HC - Wealth-tax

Summary

The High Court of Allahabad ruled in favor of the assessee regarding the deduction of a debt related to taxable wealth under the Wealth-tax Act, 1957. The Tribunal allowed deduction of 4/5ths of the debt of Rs. 62,500 against the taxable value of the house property, in accordance with the provisions of the Act. The judgment was delivered by Judges B. P. JEEVAN REDDY and R. A. SHARMA. (1990 (7) TMI 61 - ALLAHABAD High Court)