1987 (7) TMI 145 - AT - Wealth-tax

Summary

The appeals were filed against a common order regarding the deduction of a loan from LIC in the computation of net wealth. The dispute was whether the loan could be deducted as it was secured against an insurance policy not chargeable to wealth-tax. The Tribunal upheld the deduction, stating that the loan was used for constructing a house, creating a taxable asset. The appeals were dismissed, and the deduction was allowed.