https://www.taxtmi.com/circulars?id=10215 Outstanding professional fees are generally assets under section 2(e) of the Wealth-tax Act, but fees outstanding on the valuation date in respect of advocates who only plead and do not act are not legally recoverable and therefore are not assets. This exclusion covers pleading-only advocates on the original side of Calcutta and Bombay High Courts, non-advocate-on-record Supreme Court pleaders, and senior advocates briefed by juniors who do not act. Fees of other advocates and solicitors remain assets. Officers should apply the clarification to pending cases; closed cases need not be revised. en-us Mon, 22 Jul 1974 00:00:00 +0530 Sat, 11 Jun 2011 14:38:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=10215 Outstanding professional fees are generally assets under section 2(e) of the Wealth-tax Act, but fees outstanding on the valuation date in respect of advocates who only plead and do not act are not legally recoverable and therefore are not assets. This exclusion covers pleading-only advocates on the original side of Calcutta and Bombay High Courts, non-advocate-on-record Supreme Court pleaders, and senior advocates briefed by juniors who do not act. Fees of other advocates and solicitors remain assets. Officers should apply the clarification to pending cases; closed cases need not be revised. Circulars Income Tax Mon, 22 Jul 1974 00:00:00 +0530 https://www.taxtmi.com/circulars?id=10215