TaxTMI 
TaxTMI 
1976 (6) TMI 60
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....(3) of the WT Act. In the original assessments in this case loans of Rs. 19,440 for the asst. yr. 1972-73 and Rs. 16,440 for the asst. yr. 1973-74 had been allowed as a liability and deducted from the net wealth for wealth-tax purposes. The Life Insurance Policy amounts were not to be included in the net wealth for wealth-tax purposes. The WTO therefore, found that the allowance of the above amoun....
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...., for the first two years there was no justification in passing orders under s. 35 at all there being no rectifiable mistake apparent from records. The learned Departmental Representative's preliminary objection against the admission of the additional ground is overruled and the additional ground, which requires no fresh gathering of facts, is admitted. 3. The learned counsel for the assessee h....
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....icability of the decision of the Allahabad High Court in Jiwanlal Viramani vs. CWT (1967 66 ITR 336). Reference is also made to the decisions in Spencer & Co. Ltd. (88 ITR 429) and V. Padreenarayanamoorthy Raju vs. CWT (74 ITR 405). At any rate, it is pointed out, if there is any doubt on the interpretation of the section, a beneficial interpretation thereof is to be given and one which leans towa....
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....nt years however, there is force in the assessee's contention that there was no mistake apparent from the record which could be rectified under s. 35. Even before us the point has been argued at length. Whether the loans have to be allowed as liability in the circumstances obtaining or not has to be decided only after an elaborate discussion of the point both involving questions of fact and law. A....