https://www.taxtmi.com/caselaws?id=392096 An exemption under section 5(vi) of the Wealth Tax Act, once exercised in the return, could not be shifted at the appellate stage to a different property in the absence of a valid revised return. The assessee had claimed exemption for the Shimla property and was not allowed to substitute the Aralias DLF property later. A loan taken from Citi Bank for acquiring the Aralias DLF property was, however, required to be allowed as a deductible liability in computing taxable wealth, as the borrowing was accepted on the record. The taxable wealth therefore had to be recomputed after giving effect to the loan deduction. en-us Wed, 11 Dec 2019 00:00:00 +0530 Thu, 13 Feb 2020 08:14:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=392096 An exemption under section 5(vi) of the Wealth Tax Act, once exercised in the return, could not be shifted at the appellate stage to a different property in the absence of a valid revised return. The assessee had claimed exemption for the Shimla property and was not allowed to substitute the Aralias DLF property later. A loan taken from Citi Bank for acquiring the Aralias DLF property was, however, required to be allowed as a deductible liability in computing taxable wealth, as the borrowing was accepted on the record. The taxable wealth therefore had to be recomputed after giving effect to the loan deduction. Case-Laws Wealth-tax Wed, 11 Dec 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=392096