https://www.taxtmi.com/caselaws?id=69544 Balances in partners' current accounts representing accumulated profits were not independent loans or advances, so they were not debts or liabilities deductible in valuing the partners' interest in a firm for exemption under the Wealth-tax Act and relevant Rules. A partnership clause crediting excess amounts over capital to current accounts and allowing interest did not alter their character. The rule permitting exclusion of debts owed by the firm therefore did not apply, and the balances remained part of the partners' interest for exemption computation. en-us Wed, 11 Jul 1990 00:00:00 +0530 Thu, 07 Apr 2011 15:20:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=69544 Balances in partners' current accounts representing accumulated profits were not independent loans or advances, so they were not debts or liabilities deductible in valuing the partners' interest in a firm for exemption under the Wealth-tax Act and relevant Rules. A partnership clause crediting excess amounts over capital to current accounts and allowing interest did not alter their character. The rule permitting exclusion of debts owed by the firm therefore did not apply, and the balances remained part of the partners' interest for exemption computation. Case-Laws Wealth-tax Wed, 11 Jul 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=69544