https://www.taxtmi.com/caselaws?id=65426 The Tribunal upheld the decision of the Commissioner of Wealth Tax (Appeals) (CWT(A)) to disallow the assessee company's claim for deduction of loans secured on assets for computing net wealth. The Tribunal found that the loans were taken for business purposes and not specifically for acquiring the assets included in the net wealth. Therefore, the loans did not qualify as debts incurred in relation to the assets as per the Wealth-tax Act. The Tribunal also directed the Assessing Officer to allow any consequential relief regarding the levy of interest under section 17B. en-us Fri, 28 Mar 2008 00:00:00 +0530 Tue, 11 Jun 2013 17:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=65426 The Tribunal upheld the decision of the Commissioner of Wealth Tax (Appeals) (CWT(A)) to disallow the assessee company's claim for deduction of loans secured on assets for computing net wealth. The Tribunal found that the loans were taken for business purposes and not specifically for acquiring the assets included in the net wealth. Therefore, the loans did not qualify as debts incurred in relation to the assets as per the Wealth-tax Act. The Tribunal also directed the Assessing Officer to allow any consequential relief regarding the levy of interest under section 17B. Case-Laws Wealth-tax Fri, 28 Mar 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=65426