1995 (1) TMI 11 - HC - Wealth-tax

Summary

The High Court of Madhya Pradesh ruled against the assessee, stating that deduction of a loan raised against a fixed deposit receipt was not justified under the Wealth-tax Act. The court found that since the fixed deposit amount was already exempted, there could not be a further exemption for the loan borrowed against it. The judgment was in favor of the Revenue and against the assessee.