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2016 (4) TMI 802 - AT - Wealth-taxDeduction of liabilities on pro rata basis - Held that:- Following the ratio of the judgment in the case of CIT vs. Vaidyanathan (1982 (11) TMI 1 - MADRAS High Court) we hold that liabilities can be deducted on pro-rata basis. In identical circumstances, it has been held by the ITAT, Mumbai Bench in the case of Lloyds Realty Ltd. vs. DCIT (2003 (7) TMI 264 - ITAT BOMBAY-WT ) that the debts owed by the assessee have to be allowed on pro-rata basis. The AO is accordingly directed to allow appropriate deduction in this regard in all the three years under appeal.
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