Ajit K.Sengupta, J. - (1.) The order dated January 29, 1991, is recalled. The matter is heard.
(2.) In this reference under Section 27(1) of the Wealth-tax Act, 1957, for the assessment year 1979-80, the following question of law has been referred to this court : "Whether, on the facts and in the circumstances of the case, the Tribunal was correct in holding that the assessee was entitled to deduction of the debt in full under Section 2(m)(ii) of the Wealth-tax Act, 1957, without deduction of the amount of the allowance available under Section 5(1A) of the said Act ?" The facts are that the assessee, Smt. Mridula Kanoria, in her wealth-tax return for the assessment year 1979-80, claimed deduction of Rs. 9,37,635. The Wealth-tax Officer allowed exemption for shares at Rs. 1,50,000 under Section 5(1A) and, consequently, to that extent, he reduced the claim of liability of the assessee under Section 2(m)(ii) of the Wealth-tax Act under the impression that the amount borrowed was utilised for acquiring the shares.
(3.) Being aggrieved, the assessee preferred an appeal before the Appellate Assistant Commissioner. The Appellate Assistant Commissioner upheld the decision of the Wealth-tax Officer.;