https://www.taxtmi.com/caselaws?id=22614 A professional assessee maintaining cash-basis accounts could not use the wealth-tax valuation adjustment provisions to convert that basis into mercantile accounting. The Bombay HC treated section 7(2)(a) of the Wealth-tax Act and rule 2C as applicable to a professional assessee, but held that they did not permit outstanding fees to be valued on one basis while corresponding liabilities were adjusted on accrual basis. On that footing, outstanding fees could not be excluded from net wealth as suggested, and the reference was answered against the assessee on the substantive wealth-tax issues. en-us Thu, 21 Jun 1990 00:00:00 +0530 Fri, 11 Dec 2009 14:06:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=22614 A professional assessee maintaining cash-basis accounts could not use the wealth-tax valuation adjustment provisions to convert that basis into mercantile accounting. The Bombay HC treated section 7(2)(a) of the Wealth-tax Act and rule 2C as applicable to a professional assessee, but held that they did not permit outstanding fees to be valued on one basis while corresponding liabilities were adjusted on accrual basis. On that footing, outstanding fees could not be excluded from net wealth as suggested, and the reference was answered against the assessee on the substantive wealth-tax issues. Case-Laws Wealth-tax Thu, 21 Jun 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=22614