Court limits deduction for loans secured on house property in Wealth-tax case, citing precedent. The High Court of Madras ruled in favor of the Revenue in a Wealth-tax case, overturning the Tribunal's decision to allow full deduction of loans secured ...
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Court limits deduction for loans secured on house property in Wealth-tax case, citing precedent.
The High Court of Madras ruled in favor of the Revenue in a Wealth-tax case, overturning the Tribunal's decision to allow full deduction of loans secured by the assessee on a house property. The court directed the Tribunal to calculate the deduction proportionately based on the tax-exempted value of the property, citing precedent from CIT v. K. S. Vaidyanathan [1985] 153 ITR 11.
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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