https://www.taxtmi.com/caselaws?id=23769 The High Court of Madras ruled in favor of the Revenue in a Wealth-tax case, overturning the Tribunal's decision to allow full deduction of loans secured by the assessee on a house property. The court directed the Tribunal to calculate the deduction proportionately based on the tax-exempted value of the property, citing precedent from CIT v. K. S. Vaidyanathan [1985] 153 ITR 11. en-us Tue, 31 Jan 1989 00:00:00 +0530 Thu, 14 Jan 2010 11:31:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=23769 The High Court of Madras ruled in favor of the Revenue in a Wealth-tax case, overturning the Tribunal's decision to allow full deduction of loans secured by the assessee on a house property. The court directed the Tribunal to calculate the deduction proportionately based on the tax-exempted value of the property, citing precedent from CIT v. K. S. Vaidyanathan [1985] 153 ITR 11. Case-Laws Wealth-tax Tue, 31 Jan 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=23769