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W.T.AS. NOS. 1004/113 OF 1999-2000 AND 32/113 OF 2000-2001, DECIDED ON 4TH OCTOBER, 2001 versus W.T.AS. NOS. 1004/113 OF 1999-2000 AND 32/113 OF 2000-2001, DECIDED ON 4TH OCTOBER, 2001

Wealth Tax Act 1963 Section 2 (1) (16) (ii) Admissible loan received against a foreign currency US Dollar account on a net wealth loan under which the tax is not payable under the law. Such money was claimed as a loan from which a company was offered in advance and the assessee declared a taxable asset in return for which the Assessing Officer made the assessee's claim on that basis. Was denied that the Assisi had obtained a loan by presenting a foreign currency account as security and since it was exempt from the asset. Wealth tax, debt obtained against it could not be deducted The first appellate authority set aside the assessment for a de novo decision on the basis that the claim for the deferred claim was rejected without a valid denial of the valid assets argument. Against which the bank was borrowed. Wealth tax was not payable under the Wealth Tax Act, 1963, in respect of which the foreign currency account of the US dollar was secured. n Allowing such a loan as a deferred loan and retaining the exemption status of the foreign currency account tax will have double the benefit of the same as in the case of value / profit on the US dollar under Part I of the Second Schedule. Benefited more. The Wealth Tax Act, 1963 cannot be held liable to the extent of the assets created by the bank loan. If the aforesaid obligation is allowed, then the asset created by the bank loan will not be taxable but the liability associated with it. It will end in the competition. Claims on behalf of a creditor representing a loan from a bank secured with a secured asset protection list of advocates from Kala Shah Kaku lawyer