https://www.taxtmi.com/caselaws?id=5255 The Supreme Court held that the loan of Rs. 4 lakhs advanced by the assessee should be included in the total assets for wealth-tax purposes as it lacked legally enforceable repayment obligations. The Court rejected the claim that the loan was a 'Quaraza-e-Hasana' under Muslim law, emphasizing that the existence of a debt implies an obligation to repay. Despite a partial repayment, the Court found no evidence to establish the special incidents of 'Quaraza-e-Hasana' and concluded that the debt should be treated as due and payable to the assessee. The Supreme Court ruled in favor of the Revenue, requiring the loan to be included in the assessee's wealth. en-us Mon, 09 May 1988 00:00:00 +0530 Sat, 22 Nov 2008 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=5255 The Supreme Court held that the loan of Rs. 4 lakhs advanced by the assessee should be included in the total assets for wealth-tax purposes as it lacked legally enforceable repayment obligations. The Court rejected the claim that the loan was a 'Quaraza-e-Hasana' under Muslim law, emphasizing that the existence of a debt implies an obligation to repay. Despite a partial repayment, the Court found no evidence to establish the special incidents of 'Quaraza-e-Hasana' and concluded that the debt should be treated as due and payable to the assessee. The Supreme Court ruled in favor of the Revenue, requiring the loan to be included in the assessee's wealth. Case-Laws Wealth-tax Mon, 09 May 1988 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=5255