Advance payment under telephone scheme treated as asset but excluded from net wealth unless shown by the taxpayer. The Board treats payments under the 'Own Your Telephone' Scheme as an advance payment of rent; unadjusted balances at valuation dates are debts due to the assessee and generally assets for wealth-tax assessment, but the Board advises they should not be added to total wealth unless the assessee has shown them as assets in his accounts or balance-sheet.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Advance payment under telephone scheme treated as asset but excluded from net wealth unless shown by the taxpayer.
The Board treats payments under the "Own Your Telephone" Scheme as an advance payment of rent; unadjusted balances at valuation dates are debts due to the assessee and generally assets for wealth-tax assessment, but the Board advises they should not be added to total wealth unless the assessee has shown them as assets in his accounts or balance-sheet.
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