Home Case Index All Cases Wealth-tax Wealth-tax + HC Wealth-tax - 2009 (1) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2009 (1) TMI 64 - HC - Wealth-taxNet wealth – net assets – deduction on account of debt owed - Once it is accepted that the security deposit taken by the applicants was a debt in respect of property which was chargeable to wealth tax then the said security deposit could not amount to a debt covered by section 2(m) (ii). Merely because a part of the amount obtained by the applicants were invested in capital investment bonds which were not chargeable to wealth tax, that by itself does not change the nature of the debt
|