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TMI Blog1980 (9) TMI 163X X X X Extracts X X X X X X X X Extracts X X X X ..... asst. yrs. 1974-75 and 1975-76. 2. In the asst. yrs. 1974-75 the WTO has pointed out that the assessee claimed loans and liabilities of Rs. 2,11,684 out of which estimated loss of South Karanpura Colliery of Rs. 10,000 was not allowed which was subject to rectification and determination of the final loss. He also pointed out that the assessee took loan of Rs. 45,000 and Rs. 1 lakh for the purpo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hase of shares and construction of house. However, the AAC directed the WTO to verify his records and find out the exemption available to the assessees under s. 5(1) of the aforesaid Act in respect of both the assessment years for the assessee's share investment and the house property and directed him to restrict the disallowance in respect of the loans to the extent of such total exemption. He al ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... acquiring shares. However, we do not find materials from the documents filed by the assessee or from the orders of the lower authorities as to what amounts of loans were invested in the construction of the house and in the purchase of shares. Under such circumstances the order of the AAC as well as the assessment orders of the WTO for both the asst. yrs. are set aside on this limited issue and the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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