1991 (4) TMI 71

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..... ion is to be granted to the assessee in respect of the loan taken by him for the purchase of agricultural land. It appears that, during the three assessment years 1974-75, 1975-76 and 1976-77, some amount taken as a loan for the purchase of agricultural land was returned. The question arises as to whether the balance of the loan is to be adjusted only against the value of agricultural land or also .....

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..... n as to how the deduction in respect of debts which are secured on, or have been incurred in relation to, any property which is partly exempt under section 5(1) is to be allowed. The Board are of the view that, in the absence of any clear indication in the Act, the deduction for such debts will have to be allowed in the manner which is most beneficial to the assessee. Accordingly, if, for instance .....

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