https://www.taxtmi.com/caselaws?id=22284 Outstanding professional fees on the valuation date formed part of net wealth even though the assessee maintained accounts on the cash system, because the governing Wealth-tax Act principle treated such unrecovered receivables as includible. The inclusion issue was answered against the assessee and in favour of the Revenue. Their valuation, however, was not finally fixed: the correct amount had to be determined from the material on record, with discounting for liabilities, bad debts, and related factors if warranted. That valuation question was remitted to the Tribunal for fresh determination on evidence. en-us Wed, 08 Aug 1990 00:00:00 +0530 Tue, 08 Dec 2009 16:16:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=22284 Outstanding professional fees on the valuation date formed part of net wealth even though the assessee maintained accounts on the cash system, because the governing Wealth-tax Act principle treated such unrecovered receivables as includible. The inclusion issue was answered against the assessee and in favour of the Revenue. Their valuation, however, was not finally fixed: the correct amount had to be determined from the material on record, with discounting for liabilities, bad debts, and related factors if warranted. That valuation question was remitted to the Tribunal for fresh determination on evidence. Case-Laws Wealth-tax Wed, 08 Aug 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=22284