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of <h1>Court limits deduction for loans secured on house property in Wealth-tax case, citing precedent.</h1> <h3>Commissioner Of Wealth-Tax Versus AR Balakrishnan</h3> Commissioner Of Wealth-Tax Versus AR Balakrishnan - [1990] 181 ITR 56 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.
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