https://www.taxtmi.com/caselaws?id=28591 The court held that a deduction for a loan secured against exempted assets like LIC policies is not admissible in the calculation of net wealth, regardless of the loan's purpose. The Tribunal's decision allowing the deduction was deemed incorrect, and the reference was answered in favor of the Department, with no order as to costs. en-us Tue, 31 Mar 1981 00:00:00 +0530 Tue, 23 Feb 2010 18:27:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=28591 The court held that a deduction for a loan secured against exempted assets like LIC policies is not admissible in the calculation of net wealth, regardless of the loan's purpose. The Tribunal's decision allowing the deduction was deemed incorrect, and the reference was answered in favor of the Department, with no order as to costs. Case-Laws Wealth-tax Tue, 31 Mar 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=28591