1986 (11) TMI 79

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.... relevant valuation date was 31-3-1982. The assessee claimed before the WTO deduction in respect of a loan of Rs. 91,000 taken by him from S. K. Gupta (P.) Ltd. The assessee was the director of the said company and as such, that loan given by the said company to the assessee was treated as deemed dividend in the hands of the assessee in the income-tax proceedings. The WTO rejected the claim for de....

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....sets computed in accordance with the provisions of the Act of all the assets belonging to the assessee on the valuation date is in excess of the aggregate value of all the debts owed by the assessee on the valuation date. Under this provision all the debts owed by the assessee are to be deducted from the value of the assets. The debts which are not liable to be deducted are mentioned in sub-clause....