https://www.taxtmi.com/caselaws?id=18672 The Court accepted the reference made by the Revenue and ruled in favor of the assessees. The Tribunal's decision disallowing loans raised against fixed deposits under section 2(m)(ii) of the Wealth-tax Act, 1957 was overturned. The Court emphasized the relevance of Circular No. 1070 issued by the Board in determining taxing liability and directed that the liability should be calculated following the principles outlined in the circular, which favored the assessees' position. en-us Mon, 13 Nov 1995 00:00:00 +0530 Sat, 31 Oct 2009 12:36:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=18672 The Court accepted the reference made by the Revenue and ruled in favor of the assessees. The Tribunal's decision disallowing loans raised against fixed deposits under section 2(m)(ii) of the Wealth-tax Act, 1957 was overturned. The Court emphasized the relevance of Circular No. 1070 issued by the Board in determining taxing liability and directed that the liability should be calculated following the principles outlined in the circular, which favored the assessees' position. Case-Laws Wealth-tax Mon, 13 Nov 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=18672