https://www.taxtmi.com/caselaws?id=58907 The Tribunal upheld the disallowance of interest paid to M/s. Jeevan Ltd. for wealth-tax payment. It ruled that the interest paid on borrowed funds for wealth-tax payment was a personal liability and not for earning income, thus not eligible for deduction under "other sources." The Tribunal distinguished previous case law and emphasized the direct link between the borrowed money and wealth-tax payment, dismissing the appeal and affirming the disallowance of Rs. 48,675. en-us Thu, 02 Apr 1992 00:00:00 +0530 Wed, 22 Dec 2010 17:11:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=58907 The Tribunal upheld the disallowance of interest paid to M/s. Jeevan Ltd. for wealth-tax payment. It ruled that the interest paid on borrowed funds for wealth-tax payment was a personal liability and not for earning income, thus not eligible for deduction under "other sources." The Tribunal distinguished previous case law and emphasized the direct link between the borrowed money and wealth-tax payment, dismissing the appeal and affirming the disallowance of Rs. 48,675. Case-Laws Income Tax Thu, 02 Apr 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=58907