https://www.taxtmi.com/caselaws?id=22277 Advance rent held on behalf of tenants, and returnable if the tenancy was determined, was treated as a liability only to the extent it remained unadjusted. The Tribunal's factual findings showed that the amount was to be set off against future rent over several years, so the outstanding balance alone retained the character of a debt for wealth-tax purposes under section 2(m) of the Wealth-tax Act, 1957. On those concluded facts, no referable question of law survived for consideration by the High Court, and reference was declined. en-us Tue, 22 Jan 1991 00:00:00 +0530 Tue, 08 Dec 2009 16:04:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=22277 Advance rent held on behalf of tenants, and returnable if the tenancy was determined, was treated as a liability only to the extent it remained unadjusted. The Tribunal's factual findings showed that the amount was to be set off against future rent over several years, so the outstanding balance alone retained the character of a debt for wealth-tax purposes under section 2(m) of the Wealth-tax Act, 1957. On those concluded facts, no referable question of law survived for consideration by the High Court, and reference was declined. Case-Laws Wealth-tax Tue, 22 Jan 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=22277