https://www.taxtmi.com/caselaws?id=60824 The appeals by the revenue under the Wealth-tax Act for the valuation of a loan advanced to Panipat Woollen Mills Ltd. were dismissed. The tribunal held that since the loan was time-barred and recovery efforts were futile, the market value of the loan remained nil. Additionally, the disallowance of a claim of exempted assets from the share capital of the firm was overturned. The tribunal concluded that a partner's interest in firm assets should be considered for exemption under the Act. The cross-objections of the assessee were allowed, and the revenue's appeals were dismissed. en-us Fri, 23 Dec 1983 00:00:00 +0530 Sat, 08 Jan 2011 12:09:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=60824 The appeals by the revenue under the Wealth-tax Act for the valuation of a loan advanced to Panipat Woollen Mills Ltd. were dismissed. The tribunal held that since the loan was time-barred and recovery efforts were futile, the market value of the loan remained nil. Additionally, the disallowance of a claim of exempted assets from the share capital of the firm was overturned. The tribunal concluded that a partner's interest in firm assets should be considered for exemption under the Act. The cross-objections of the assessee were allowed, and the revenue's appeals were dismissed. Case-Laws Wealth-tax Fri, 23 Dec 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=60824