https://www.taxtmi.com/caselaws?id=69188 The Tribunal upheld the orders passed by the WTO regarding the inclusion of loans and life insurance policy amounts in net wealth for wealth-tax purposes. It found no justification for passing orders under section 35 for the first two assessment years and allowed the appeals, canceling the orders for those years. The Tribunal rejected the argument to allow loans secured on exempted items of wealth as liabilities and dismissed the appeal in this regard. Ultimately, the Tribunal allowed the appeals and dismissed them accordingly, canceling the orders passed under section 35 for the first two assessment years. en-us Wed, 30 Jun 1976 00:00:00 +0530 Tue, 05 Apr 2011 16:35:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=69188 The Tribunal upheld the orders passed by the WTO regarding the inclusion of loans and life insurance policy amounts in net wealth for wealth-tax purposes. It found no justification for passing orders under section 35 for the first two assessment years and allowed the appeals, canceling the orders for those years. The Tribunal rejected the argument to allow loans secured on exempted items of wealth as liabilities and dismissed the appeal in this regard. Ultimately, the Tribunal allowed the appeals and dismissed them accordingly, canceling the orders passed under section 35 for the first two assessment years. Case-Laws Income Tax Wed, 30 Jun 1976 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=69188