Bad debt exclusion from wealth tax upheld where long-unpaid, time-barred debt was supported by the record.

An outstanding debt left unpaid for many years after the debtor's death, not shown as a loan in later accounts and found to be time-barred, was treated as a bad debt and excluded from the assessee's wealth; the Tribunal's view was held to disclose no error of law. The alleged failure to consider a letter dated 10 January 1987 did not generate a referable question of law because the letter concerned other debts and was not relied on in deciding the relevant issue. On that reasoning, no question of law arose from the Tribunal's order and the tax case petitions were dismissed.

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Issues: (i) whether the Tribunal was wrong in holding that the outstanding debt had become a bad debt and was not includible in the assessee's wealth; (ii) whether the alleged omission to consider the assessee's letter dated 10 January 1987 gave rise to a referable question of law.

Issue (i): whether the Tribunal was wrong in holding that the outstanding debt had become a bad debt and was not includible in the assessee's wealth.

Analysis: The debt had remained unpaid for many years after the debtor's death, the amount was not reflected as a loan in the later accounts, and the claim was found to be barred by limitation. On those materials, the Tribunal's view that the amount had become a bad debt and could not be included in the assessable wealth disclosed no error of law.

Conclusion: The finding that the debt was a bad debt and not part of the assessee's assessable wealth was upheld.

Issue (ii): whether the alleged omission to consider the assessee's letter dated 10 January 1987 gave rise to a referable question of law.

Analysis: The letter related to debts other than the debt in question, and the Tribunal had not relied on it in deciding the issue before it. Its non-reference therefore did not create any referable question of law arising from the Tribunal's order.

Conclusion: No referable question of law arose on that ground.

Final Conclusion: The tax case petitions were dismissed as no question of law arose from the Tribunal's order.

Ratio Decidendi: Where the Tribunal's finding that a debt has become bad is supported by the record and a purported omitted document is irrelevant to the issue decided, no referable question of law arises under the reference jurisdiction.

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