https://www.taxtmi.com/caselaws?id=71057 Where allowability of liabilities depends on whether borrowed funds were used to acquire exempt assets, the extent of such utilisation must be established on evidence before disallowance is sustained. The wealth-tax authorities had disallowed liabilities on the basis that loans were applied to shares and house property falling within the exemption field, but the record did not clearly show how much of the borrowings were so deployed. The matter was therefore remitted for fresh examination of the books and related evidence, with the assessee to be heard, and the issue of deductibility of liabilities was left open for de novo consideration. en-us Tue, 09 Sep 1980 00:00:00 +0530 Thu, 21 Apr 2011 11:30:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=71057 Where allowability of liabilities depends on whether borrowed funds were used to acquire exempt assets, the extent of such utilisation must be established on evidence before disallowance is sustained. The wealth-tax authorities had disallowed liabilities on the basis that loans were applied to shares and house property falling within the exemption field, but the record did not clearly show how much of the borrowings were so deployed. The matter was therefore remitted for fresh examination of the books and related evidence, with the assessee to be heard, and the issue of deductibility of liabilities was left open for de novo consideration. Case-Laws Wealth-tax Tue, 09 Sep 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=71057