9911796707
TMI Blog1986 (11) TMI 79X X X X Extracts X X X X X X X X Extracts X X X X ..... claimed before the WTO deduction in respect of a loan of Rs. 91,000 taken by him from S. K. Gupta (P.) Ltd. The assessee was the director of the said company and as such, that loan given by the said company to the assessee was treated as deemed dividend in the hands of the assessee in the income-tax proceedings. The WTO rejected the claim for deduction in the wealth-tax assessment proceedings on t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Act of all the assets belonging to the assessee on the valuation date is in excess of the aggregate value of all the debts owed by the assessee on the valuation date. Under this provision all the debts owed by the assessee are to be deducted from the value of the assets. The debts which are not liable to be deducted are mentioned in sub-clauses (i), (ii) and (iii) of that clause. The question, th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ection 2(22) of the Income-tax Act, 1961, was wholly irrelevant for determining the question whether the said amount represented deductible debt under section 2(m). of the Wealth-tax Act. In order to determine the question whether the said debt was deductible under section 2(m), we have to look to the provisions of the said clause only. The provisions of the Income-tax Act would be irrelevant for ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
