COMMISSIONER OF INCOME TAX Vs. VIDYA CHARAN

JUDGEMENT

(1.) THE Income-tax Appellate Tribunal (Delhi Bench) referred the following question under Section 27(1) of the Wealth-tax Act, 1957 (briefly "the Act"), for the opinion of this court :

(2.) THE assessee in the status of an individual filed his wealth-tax return for the assessment year 1976-77 claiming deduction in respect of his debit balance of Rs. 79,896 in the capital account of the firm ; Sonpal Vidya Charan, in which he was a partner in view of the provisions of Section 2(m) of the Act. THE Wealth-tax Officer rejected the claim of the assessee observing :

(3.) HE further held ;