https://www.taxtmi.com/caselaws?id=56763 The Appellate Tribunal ruled in favor of the Department, denying the appellants' claim for exemption from wealth-tax on fixed deposits and deduction of loans from net wealth under the Wealth Tax Act. The Tribunal held that borrowings made for acquiring excluded assets, such as fixed deposits, cannot be deducted from the value of assets for wealth tax computation. Therefore, the appellants were not entitled to the claimed exemptions. en-us Fri, 01 Mar 1985 00:00:00 +0530 Mon, 06 Dec 2010 16:21:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=56763 The Appellate Tribunal ruled in favor of the Department, denying the appellants' claim for exemption from wealth-tax on fixed deposits and deduction of loans from net wealth under the Wealth Tax Act. The Tribunal held that borrowings made for acquiring excluded assets, such as fixed deposits, cannot be deducted from the value of assets for wealth tax computation. Therefore, the appellants were not entitled to the claimed exemptions. Case-Laws Wealth-tax Fri, 01 Mar 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=56763