https://www.taxtmi.com/caselaws?id=7927 The High Court held that accrued interest of Rs. 1,50,000 should not be included in the net wealth of the assessee, a Hindu undivided family, following a reference under section 27 of the Wealth-tax Act. The Tribunal's decision to exclude the accrued interest was upheld based on the interpretation of section 7(2)(a) of the Act, which allows adjustments for businesses maintaining accounts on a cash basis. The court emphasized the difference between cash and mercantile accounting systems, stating that accrued income should not be considered for cash-based accounting. The judgment concluded in favor of the assessee, ruling that the accrued interest was not includible in the net wealth calculation. en-us Thu, 30 Apr 1970 00:00:00 +0530 Tue, 24 Mar 2009 17:16:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=7927 The High Court held that accrued interest of Rs. 1,50,000 should not be included in the net wealth of the assessee, a Hindu undivided family, following a reference under section 27 of the Wealth-tax Act. The Tribunal's decision to exclude the accrued interest was upheld based on the interpretation of section 7(2)(a) of the Act, which allows adjustments for businesses maintaining accounts on a cash basis. The court emphasized the difference between cash and mercantile accounting systems, stating that accrued income should not be considered for cash-based accounting. The judgment concluded in favor of the assessee, ruling that the accrued interest was not includible in the net wealth calculation. Case-Laws Wealth-tax Thu, 30 Apr 1970 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=7927