https://www.taxtmi.com/caselaws?id=23185 The court declined to answer the applicability of section 7(2)(a) of the Wealth-tax Act to an assessee carrying on a profession, deeming it academic. However, it confirmed that outstanding fees are assets includible in the net wealth, irrespective of the accounting method used. The court also held that liabilities accrued but not disclosed should be considered, except for tax liability on outstanding fees, which is contingent and not present. This decision emphasizes that all assets are includible in net wealth, and liabilities should be treated consistently with assets. en-us Mon, 11 Jun 1990 00:00:00 +0530 Thu, 17 Dec 2009 12:53:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=23185 The court declined to answer the applicability of section 7(2)(a) of the Wealth-tax Act to an assessee carrying on a profession, deeming it academic. However, it confirmed that outstanding fees are assets includible in the net wealth, irrespective of the accounting method used. The court also held that liabilities accrued but not disclosed should be considered, except for tax liability on outstanding fees, which is contingent and not present. This decision emphasizes that all assets are includible in net wealth, and liabilities should be treated consistently with assets. Case-Laws Wealth-tax Mon, 11 Jun 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=23185