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TMI Blog1985 (3) TMI 82X X X X Extracts X X X X X X X X Extracts X X X X ..... r himself and for Shri Krishna Das with common arguments, they are disposed of by this consolidated order for the sake of convenience. 2. Both the above assessees are partners in the firm of Krishna Das Radhika Ranjan. Shri Krishna Das borrowed a sum of Rs. 70,000 from the above firm. Shri Radhika Ranjan on the other hand, borrowed Rs. 60,000 from the same firm. Both these persons kept these amo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion date. In other words, the claim of the assessees was that the debts of Rs. 70,000 and Rs. 60,000 should be allowed from the value of their assets. This claim was in addition to the exemption of the deposits made with the bank. The WTO rejected the claim on the ground that the firm, which had advanced the amount to the assessees, had also taken advantage of the grant of overdrafts on the depos ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f which wealth-tax is not chargeable under the Wealth-tax Act, are not to be deducted from the value of the assets. In the present case, it cannot be denied that the borrowings of the above assessees from the firm Krishna Das Radhika Ranjan are the debts which have been incurred in relation to the deposits made by them with the banks. Such deposits, as observed above, are not chargeable to wealth- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ot chargeable. That is, however, not the case here. As discussed above, the case of the department is covered by the other segment of sub-clause (ii) of section 2(m) as discussed above. We, therefore, reverse the orders of the AAC in this regard and restore those of the ITO, though for reasons different that adopted by him for the purpose. 6. In the result, both the appeals are allowed. - - T ..... X X X X Extracts X X X X X X X X Extracts X X X X
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