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<h1>High Court of Bombay clarifies income tax liability on outstanding fees under Wealth-tax Act, 1957</h1> The High Court of Bombay ruled on five questions under the Wealth-tax Act, 1957. Questions 1, 2, and 3 were answered in favor of the Revenue, Question 4 ... Accounting, Net Wealth, Wealth Tax The High Court of Bombay ruled on five questions under the Wealth-tax Act, 1957. The court referred to previous cases and clarified that income tax liability on outstanding fees cannot be considered as an accrued liability if accounts are kept on a cash basis. Questions 1, 2, and 3 were answered in favor of the Revenue, Question 4 in favor of the assessee, and Question 5 in favor of the Revenue. No costs were awarded.
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