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of <h1>Advance Rent from Foreign Embassy as Debt under Wealth-tax Act; Petition Dismissed, No Reference Needed</h1> The High Court held that advance rent received from a foreign embassy constitutes a debt under the Wealth-tax Act as it is held for the tenants. The ... Debt Owed, Net Wealth, Wealth Tax The petitioner sought a reference regarding whether advance rent received from a foreign embassy can be considered a debt under the Wealth-tax Act. The High Court held that the amount was being held for the tenants and was a debt due to them. The Court dismissed the petition as no reference was deemed necessary.
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