TMI Blog1990 (7) TMI 51X X X X Extracts X X X X X X X X Extracts X X X X ..... e of the assessee in this case is : "Whether, on the facts and in the circumstances of the case, the loan obtained by the assessee against the pledge of gold bonds was deductible in arriving at the net wealth of the assessee for the purpose of the Wealth-tax Act ?" It is common ground that the loan obtained by the assessee in this case is on the security of National Defence Gold Bonds which ar ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ovisions of section 2(m)(ii) are not attracted. In our judgment, this aspect of the matter is not germane to the issue at all. The language of section 2(m)(ii) is clear as to its contents. What is required to be seen is whether the debt/loan is secured on a property (gold bonds in this case) which is not chargeable to wealth-tax. In the event the answer is in the affirmative, it must follow that t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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