COMMISSIONER OF WEALTH TAX Vs. MUKESH KUMAR AGARWAL

JUDGEMENT

(1.) THE following question of law has been referred under Section 27(1) of the Wealth-tax Act, 1957 (for short "the Act") :

(2.) THE assessee claimed a sum of Rs. 38,720 as deduction from assets being the amount of loan owed by him to the Bank of India on the security of fixed deposit receipt of Rs. 50,000 belonging to him; He claimed deduction of the loan amount borrowed against the fixed deposit receipt under Section 2(m)(ii) of the Act. This has been allowed.

(3.) A copy of this order with the signature of the Registrar and the seal of the High Court be transmitted to the Appellate Tribunal. No order as to costs.