DEANNA J. JEEJEEBHOY Vs. WEALTH TAX OFFICER

JUDGEMENT

(1.) The two questions of law which have been referred for our opinion under Section 27(1) of the WT Act, are as follows:

(2.) Whether on the facts and in the circumstances of the case the Tribunal was justified in law in holding that although the debt owed was incurred in relation to a property which was chargeable to wealth-tax, the full amount of the debt could not be allowed as a full deduction because of the investment made by the assessee in an asset exempt from wealth-tax

(3.) We find that all throughout, there has been no dispute that the immovable property in question has been treated as property in respect of which wealth-tax was chargeable. In fact, the applicants had valued this immovable property under Rule 1BB of the WT Rules and this valuation was accepted.