https://www.taxtmi.com/caselaws?id=56913 The Tribunal dismissed the revenue's appeal and affirmed the AAC's decision to allow the deduction of debts secured on fixed deposit receipts. The Tribunal held that as none of the assets were entirely exempt from wealth tax, the debt deduction of Rs. 82,000 was permissible under the WT Act, 1957. The decision was based on the interpretation of the Act and the specific circumstances of the case, where the aggregate value of the assets exceeded the exemption limit, supporting the allowance of the debt deduction. en-us Sat, 02 Apr 1983 00:00:00 +0530 Tue, 07 Dec 2010 13:22:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=56913 The Tribunal dismissed the revenue's appeal and affirmed the AAC's decision to allow the deduction of debts secured on fixed deposit receipts. The Tribunal held that as none of the assets were entirely exempt from wealth tax, the debt deduction of Rs. 82,000 was permissible under the WT Act, 1957. The decision was based on the interpretation of the Act and the specific circumstances of the case, where the aggregate value of the assets exceeded the exemption limit, supporting the allowance of the debt deduction. Case-Laws Wealth-tax Sat, 02 Apr 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=56913