1986 (11) TMI 79 - AT - Wealth-tax

Summary

The appeal relates to the assessment year 1982-83. The assessee claimed deduction for a loan taken from a company where he was a director. The WTO rejected the claim, but the Commissioner (Appeals) allowed it. The Tribunal confirmed the deduction, stating that the loan was a deductible debt for wealth tax purposes, regardless of being deemed dividend for income tax. The appeal was dismissed.