1989 (1) TMI 21 - HC - Wealth-tax

Summary

The High Court of Madras ruled in favor of the Revenue in a Wealth-tax case regarding loans secured by the assessee on a house property. The Tribunal's decision to allow the full deduction of the loans was deemed incorrect, and the court directed the Tribunal to calculate the proportion of deduction based on the tax-exempted value of the property. The judgment referenced a previous decision in CIT v. K. S. Vaidyanathan [1985] 153 ITR 11.