9911796707
TMI Blog1987 (2) TMI 106X X X X Extracts X X X X X X X X Extracts X X X X ..... llowing deduction under s. 5 (1)(iv) of the Wealth-tax Act while computing the net wealth of the firm for purposes of determining the value of the interest of the assessee in the said firm as a partner. We have heard both the parties. The issue is not resintegra. It is covered in favour of the assessee by an earlier order of this Bench in WTA No. 202 and CO. Not. 43 of 1982 relating to the asst. y ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... und of appeal does not arise out of the order of the AAC and, therefore, the, same deserved to be rejected. The ld. counsel for the assessee, on the other hand, pointed out that this issue was raised before the WTO through the assessee's letter dt. 20th July, 1983. He referred to the second paragraph of this letter which is to the following effect: "The assessee has 1/4th share in the firm of M/ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y a legal ground. 4. On the above facts, we are inclined to admit the ground of appeal particularly when the issue was raised before the WTO as well as the AAC but they did not consider the same. However, we restore this issue to the file of the WTO to consider the claim of the assessee for exemption under s. 5(1)(xxxii) and allow the same according to law. 5. The second ground is that the AAC ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... AAC has upheld his action. 6. According to the ld. counsel for the assessee the claim has been disallowed in view of s. 2(m)(ii) of the Wealth-tax Act. According to these provisions, debts which are secured on, or which have been incurred in relation to any property in respect of which wealth-tax is not chargeable under the Wealth-tax Act shall not be allowable as a deduction while computing th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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