https://www.taxtmi.com/caselaws?id=18103 The Tribunal upheld the assessing authority's decision to include certain sums labeled as 'Reserves' in the net wealth of the assessee. It found that the liabilities were not proven to exist on the relevant valuation date and were used by the firm for business purposes, leading to the conclusion that they were 'ghost debts.' Additionally, the Tribunal denied the deduction of these sums as 'debt owed,' emphasizing the lack of evidence to support the existence of the liabilities. The Tribunal's decision favored the Revenue and upheld the inclusion of the sums in the assessee's net wealth. en-us Tue, 21 Nov 1995 00:00:00 +0530 Sat, 26 Sep 2009 17:09:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=18103 The Tribunal upheld the assessing authority's decision to include certain sums labeled as 'Reserves' in the net wealth of the assessee. It found that the liabilities were not proven to exist on the relevant valuation date and were used by the firm for business purposes, leading to the conclusion that they were 'ghost debts.' Additionally, the Tribunal denied the deduction of these sums as 'debt owed,' emphasizing the lack of evidence to support the existence of the liabilities. The Tribunal's decision favored the Revenue and upheld the inclusion of the sums in the assessee's net wealth. Case-Laws Wealth-tax Tue, 21 Nov 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=18103