https://www.taxtmi.com/caselaws?id=25178 The High Court of Rajasthan ruled in favor of the assessee, a Hindu undivided family, regarding the deduction of loan liability for the purchase of shares exempt from tax under section 5(1)(xxiii) of the Wealth-tax Act, 1957. The Court upheld the Tribunal's decision that the entire loan amount should be deducted from the value of taxable shares, rejecting the Department's argument for a proportionate deduction based on section 2(m)(ii) of the Act. The Court emphasized the binding nature of a circular issued by the Department, supporting the assessee's position. The outcome favored the assessee, establishing that the entire loan liability could be deducted for shares purchased using borrowed funds. en-us Fri, 04 Sep 1987 00:00:00 +0530 Mon, 25 Jan 2010 18:07:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=25178 The High Court of Rajasthan ruled in favor of the assessee, a Hindu undivided family, regarding the deduction of loan liability for the purchase of shares exempt from tax under section 5(1)(xxiii) of the Wealth-tax Act, 1957. The Court upheld the Tribunal's decision that the entire loan amount should be deducted from the value of taxable shares, rejecting the Department's argument for a proportionate deduction based on section 2(m)(ii) of the Act. The Court emphasized the binding nature of a circular issued by the Department, supporting the assessee's position. The outcome favored the assessee, establishing that the entire loan liability could be deducted for shares purchased using borrowed funds. Case-Laws Wealth-tax Fri, 04 Sep 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=25178