TMI Blog1983 (4) TMI 66X X X X Extracts X X X X X X X X Extracts X X X X ..... atter went up in appeal, it was claimed before the AAC that apart from the fixed deposit receipts of the aggregate value of Rs. 1,09,361 the assessee also owned shares of the value of Rs. 73,811 saving deposits of Rs. 1934 and C.D.S. of Rs. 23,500 the aggregate of which amounted to more than Rs. 2,00,000 while the exemption u/s 5(1A) for all these items was limited to the total value of Rs. 1,50,000 only. The AAC, considering this claim, came to the conclusion that the amount of the fixed deposits was not totally exempt from tax and only a limited deduction was available in regard to the value of the fixed deposits. The ACC, therefore, held that the assessee was entitled to the claim of deduction of the debt of Rs. 82,000 and this claim of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ty which was partly exempted from wealth tax and partly liable to wealth-tax, it cannot be said that the debt was secured on an item of property on which wealth-tax was not chargeable. Elaborating on his argument, Shri Rastogi pointed out that the assessee not only had bank fixed deposit receipts of the aggregate value of Rs. 1,09,361 but also shares of the value of Rs. 73,500 and the aggregate of the value of these items amounted to more than Rs. 2 lacs whereas the total exemption on the value of these items was limited as laid down by sub-s. (1A) of s. 5 of the WT Act, Rs. 1,50,000 only. He therefore, supported the order of the AAC and submitted to us that there was no merit in the appeal filed by the revenue. 5. We have carefully cons ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t from wealth tax did not depend on any other item which was also exempt from wealth tax and the aggregate of which did not exceed a particular amount. In the present case, however, the assessee was the owner of Rs. 1,09,361 but also shares of the value of Rs. 73,911 saving bank deposits of Rs. 1934 and C.D.S of Rs. 23,500 the aggregate of which amounted to more than Rs. 2 lacs, while the total exemption on all these items put together as laid down by sub-s. (IA) of s. 5 of the WT Act was limited to Rs. 1,50,000 only. This means that in respect of none of these items it can be said that the item was totally exempt from wealth tax. In these circumstances, the latter two rulings of the Hon'ble High Court of Madras cited by the assessee's ld. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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