COMMISSIONER OF WEALTH TAX Vs. E. K. JOSEPH

JUDGEMENT

(1.) With regard to the wealth -tax proceedings of the assessee for the asst. yr. 1983 -84 we have to consider the question of deduction of the entire liability towards repayment of loan to the Federal Bank. In fact, after hearing the learned senior standing counsel for taxes and counsel for the assessee, as the question relates to the liability towards repayment of loan to the Federal Bank, the amount of loan having been taken against the property of the partnership firm of which the assessee has a share as partner, the question refers to the situation of an obvious claim for deduction with reference to the liability in question.

(2.) WITH regard to the assessment year in question, taking out unnecessary unessentials the assessee claimed that he has a liability of Rs. 10,79,183 to the Federal Bank, the liability is of the repayment of the loan of the above amount drawn on his property having been transferred to the partnership firm, having thereby become the property of the partnership firm as a result thereof.

(3.) THE Dy. CWT(A) did not interfere with the decision.