https://www.taxtmi.com/caselaws?id=37767 The High Court ruled against the deduction of agricultural income-tax liability and the loan secured on tea crop in wealth-tax assessment. The court held that agricultural income-tax liability was not deductible as it related to assets exempt from wealth-tax and was not paid within the specified time frame. Additionally, the loan secured on tea crop was disallowed as a deduction since it was secured against assets not covered under the Wealth-tax Act. Each party was ordered to bear their own costs. en-us Tue, 13 Feb 1979 00:00:00 +0530 Thu, 01 Apr 2010 10:19:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37767 The High Court ruled against the deduction of agricultural income-tax liability and the loan secured on tea crop in wealth-tax assessment. The court held that agricultural income-tax liability was not deductible as it related to assets exempt from wealth-tax and was not paid within the specified time frame. Additionally, the loan secured on tea crop was disallowed as a deduction since it was secured against assets not covered under the Wealth-tax Act. Each party was ordered to bear their own costs. Case-Laws Wealth-tax Tue, 13 Feb 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37767