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W.T.AS. NOS. 645/IB TO 647/IB OF 1998-99, DECIDED ON 10TH JUNE, 2002. versus W.T.AS. NOS. 645/IB TO 647/IB OF 1998-99, DECIDED ON 10TH JUNE, 2002.

Section 2 (16) of the Wealth Tax Act, 1963, was the net wealth loan obtained against foreign exchange reserves that was used for the purpose of taxing such loan / loan by the Asseting Officer. Denied that there was an unacceptable obligation that either the aforesaid loans would be allowed to be taxed or the shares offered to be taxed could be excluded from the taxing of the Wealth Tax First Appellate Authority observed that the Assessing Officer had received this responsibility. There was no justification for denying this as it had previously declared related assets against such liabilities. Obtained against securities, which were not subject to the imposition of Wealth Tax, the debt was not owed - within the consideration of sub-section 2 of Section 2 of the Wealth Tax Act, 1963, irrespective of its subsequent use. This was denied by the Assessing Officer. To allow loans that are not subject to foreign exchange reserves, which were not subject to it, allow the imposition of e-wealth tax and the First Appellate Authority to issue instructions to allow such loans as loans. It was not submitted that the orders were vacated by the Tribunal in all the appeals and the appeals of the Department were granted [IT 81 NOS 81 to 85 / KB 1979 80 overturned] us immigration advocates from Wazirabad lawyer