https://www.taxtmi.com/caselaws?id=21490 The High Court allowed the appeal of an assessee under the Wealth-tax Act seeking a deduction for a loan raised against a fixed deposit in Dena Bank. The Court determined that the debt qualified for deduction as a liability in computing the assessee's net wealth, as the fixed deposit receipt was not fully exempt from tax. It held that debts secured on partially exempt assets should be excluded proportionately in computing net wealth, in line with the precedent set by the Full Bench of the Madras High Court. en-us Fri, 08 Mar 1991 00:00:00 +0530 Tue, 24 Nov 2009 17:21:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=21490 The High Court allowed the appeal of an assessee under the Wealth-tax Act seeking a deduction for a loan raised against a fixed deposit in Dena Bank. The Court determined that the debt qualified for deduction as a liability in computing the assessee's net wealth, as the fixed deposit receipt was not fully exempt from tax. It held that debts secured on partially exempt assets should be excluded proportionately in computing net wealth, in line with the precedent set by the Full Bench of the Madras High Court. Case-Laws Wealth-tax Fri, 08 Mar 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=21490