https://www.taxtmi.com/caselaws?id=63469 The tribunal upheld the CWT(A)'s decision to allow liabilities claimed by the assessee, amounting to Rs. 6,71,827, against the Revenue's appeal. The tribunal emphasized that the Assessing Officer cannot alter the assessee's exemption choice and cannot disallow liabilities solely based on exceeding the asset's value returned. The tribunal dismissed the Revenue's appeals and the assessee's cross-objections, affirming the relief granted to the assessee regarding the claimed liabilities for the assessment year 1988-89. en-us Wed, 18 Sep 1996 00:00:00 +0530 Mon, 31 Jan 2011 11:27:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=63469 The tribunal upheld the CWT(A)'s decision to allow liabilities claimed by the assessee, amounting to Rs. 6,71,827, against the Revenue's appeal. The tribunal emphasized that the Assessing Officer cannot alter the assessee's exemption choice and cannot disallow liabilities solely based on exceeding the asset's value returned. The tribunal dismissed the Revenue's appeals and the assessee's cross-objections, affirming the relief granted to the assessee regarding the claimed liabilities for the assessment year 1988-89. Case-Laws Wealth-tax Wed, 18 Sep 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=63469