1990 (7) TMI 61

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..... -tax Act, 1957, is : "Whether, on the facts and in the circumstances of the case, the debt relating to the taxable wealth after allowing exemption tinder section 5 ( 1 ) (iv) of the Act was allowable to the assessee ? One of the assets included in the wealth of the assessee was a house property. It was valued at Rs. 5,00,000. It was pointed out that a sum of Rs. 62,500 was incurred on repairs .....

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..... deducted in the light of the definition of net wealth contained in clause (m) of section 2. On a perusal of the relevant provision of the Act, we are of the opinion that what the Tribunal has done is perfectly in accordance with the provisions of the Act, besides being just.The question referred is, accordingly, answered in the affirmative, i.e., in favour of the assessee and against the Revenue. .....

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