1985 (3) TMI 82

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.... by Shri Radhika Ranjan for himself and for Shri Krishna Das with common arguments, they are disposed of by this consolidated order for the sake of convenience. 2. Both the above assessees are partners in the firm of Krishna Das Radhika Ranjan. Shri Krishna Das borrowed a sum of Rs. 70,000 from the above firm. Shri Radhika Ranjan on the other hand, borrowed Rs. 60,000 from the same firm. Both the....

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....he assessee on the valuation date. In other words, the claim of the assessees was that the debts of Rs. 70,000 and Rs. 60,000 should be allowed from the value of their assets. This claim was in addition to the exemption of the deposits made with the bank. The WTO rejected the claim on the ground that the firm, which had advanced the amount to the assessees, had also taken advantage of the grant of....

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.... property in respect of which wealth-tax is not chargeable under the Wealth-tax Act, are not to be deducted from the value of the assets. In the present case, it cannot be denied that the borrowings of the above assessees from the firm Krishna Das Radhika Ranjan are the debts which have been incurred in relation to the deposits made by them with the banks. Such deposits, as observed above, are not....