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TMI Blog1976 (6) TMI 60X X X X Extracts X X X X X X X X Extracts X X X X ..... r the asst. yr. 1972-73 and Rs. 16,440 for the asst. yr. 1973-74 had been allowed as a liability and deducted from the net wealth for wealth-tax purposes. The Life Insurance Policy amounts were not to be included in the net wealth for wealth-tax purposes. The WTO therefore, found that the allowance of the above amounts was wrong. Acting under s. 35 of the WT Act he added the above amounts to the n ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... at all there being no rectifiable mistake apparent from records. The learned Departmental Representative s preliminary objection against the admission of the additional ground is overruled and the additional ground, which requires no fresh gathering of facts, is admitted. 3. The learned counsel for the assessee has pointed out that for all the years there is no justification for excluding the li ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1967 66 ITR 336). Reference is also made to the decisions in Spencer Co. Ltd. (88 ITR 429) and V. Padreenarayanamoorthy Raju vs. CWT (74 ITR 405). At any rate, it is pointed out, if there is any doubt on the interpretation of the section, a beneficial interpretation thereof is to be given and one which leans towards the assessee. For the first two assessment years it is also pointed out that the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e apparent from the record which could be rectified under s. 35. Even before us the point has been argued at length. Whether the loans have to be allowed as liability in the circumstances obtaining or not has to be decided only after an elaborate discussion of the point both involving questions of fact and law. As argument active question, therefore, this comes to. It is settled law that things wh ..... X X X X Extracts X X X X X X X X Extracts X X X X
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