1984 (8) TMI 58 - HC - Wealth-tax

Summary

The judgment of the High Court of Andhra Pradesh dealt with the deductibility of a loan taken against a life insurance policy in the computation of net wealth. The court held that the loan amount cannot be deducted as a life insurance policy is not included in the "net wealth" of an assessee. The court rejected the assessee's argument based on changes in legislation and previous case law. The question was answered in the negative, in favor of the Revenue.