1980 (9) TMI 163

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....979 of the AAC of WT, Dhanbad Range, Dhanbad, relating to the assessment for the asst. yrs. 1974-75 and 1975-76. 2. In the asst. yrs. 1974-75 the WTO has pointed out that the assessee claimed loans and liabilities of Rs. 2,11,684 out of which estimated loss of South Karanpura Colliery of Rs. 10,000 was not allowed which was subject to rectification and determination of the final loss. He also p....

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....of the WTO relating to the disallowance of loans taken by the assessee for the purchase of shares and construction of house. However, the AAC directed the WTO to verify his records and find out the exemption available to the assessees under s. 5(1) of the aforesaid Act in respect of both the assessment years for the assessee's share investment and the house property and directed him to restrict th....

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.... were not taken exclusively for the construction of the house and for the purpose of acquiring shares. However, we do not find materials from the documents filed by the assessee or from the orders of the lower authorities as to what amounts of loans were invested in the construction of the house and in the purchase of shares. Under such circumstances the order of the AAC as well as the assessment ....