https://www.taxtmi.com/caselaws?id=59842 The Tribunal partially allowed the appeals, emphasizing the need for correct interpretation of statutory provisions. The assessee was denied exemption under section 5(1)(iv)(a) due to the debt exceeding the exemption limit. However, the claim for deduction of a loan payable to a company under liquidation was allowed as the liability towards the company persisted. The decision underscored the requirement for debts to be unrelated to exempted assets when claiming deductions or exemptions under the Wealth-tax Act, 1957. en-us Thu, 07 Apr 1983 00:00:00 +0530 Sat, 01 Jan 2011 14:09:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=59842 The Tribunal partially allowed the appeals, emphasizing the need for correct interpretation of statutory provisions. The assessee was denied exemption under section 5(1)(iv)(a) due to the debt exceeding the exemption limit. However, the claim for deduction of a loan payable to a company under liquidation was allowed as the liability towards the company persisted. The decision underscored the requirement for debts to be unrelated to exempted assets when claiming deductions or exemptions under the Wealth-tax Act, 1957. Case-Laws Wealth-tax Thu, 07 Apr 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=59842