https://www.taxtmi.com/caselaws?id=70425 The Tribunal held that the balances in the partners' current accounts did not constitute debts owed by the firm for the exemption under section 5(1)(xxxii) of the Wealth-tax Act, except where advances were utilized for specified assets. The decision varied for each partner based on individual circumstances, with some appeals allowed and others dismissed. The Tribunal emphasized the need for advances to be linked to specific assets to qualify as debts owed by the firm. en-us Wed, 25 Sep 1991 00:00:00 +0530 Sat, 16 Apr 2011 10:49:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=70425 The Tribunal held that the balances in the partners' current accounts did not constitute debts owed by the firm for the exemption under section 5(1)(xxxii) of the Wealth-tax Act, except where advances were utilized for specified assets. The decision varied for each partner based on individual circumstances, with some appeals allowed and others dismissed. The Tribunal emphasized the need for advances to be linked to specific assets to qualify as debts owed by the firm. Case-Laws Wealth-tax Wed, 25 Sep 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=70425