1980 (9) TMI 163 - AT - Wealth-tax

Summary

The appeals were filed by the assessee against the order of the AAC of WT, Dhanbad Range, for the assessment years 1974-75 and 1975-76. The loans and liabilities claimed by the assessee were not fully allowed by the WTO. The AAC directed the WTO to verify records and determine the exemption available to the assessee under the WT Act. The order of the AAC and the assessment orders of the WTO were set aside for further examination of the loans taken by the assessee. The appeals were treated as allowed for statistical purposes.