July 28, 2025 11:49 pm

Direct Taxation

Wealth Tax Act, 1957 – Section – 17, 2(m) – Deduction – Whether on the facts and in the circumstances of the case the debts amounting to Rs. 30 lacs and odd, more or less for each of the assessment years under appeal, were rightly not allowed as a deduction in calculating the net wealth of the assessee ?

Bysclaw

Jun 26, 2017

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By sclaw

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we are of the view that the order of status quo passed by the trial court was justified in the facts and circumstances of the case. We are not entering into the merits of the matter as it may influence the trial court. We, therefore, allow this appeal, set aside the impugned order of the High Court dated 30.06.2022 maintaining the order of the trial court in order to advance justice between the parties.

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Property Matters Transfer Of Property Act

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Jul 28, 2025 sclaw