https://www.taxtmi.com/caselaws?id=25246 The Supreme Court held that outstanding fees of a practicing chartered accountant constitute an asset for wealth tax assessment. The Court emphasized that wealth tax is charged based on net wealth on the valuation date, requiring the consideration of all assets, including those not realized like interest on outstandings. The judgment overruled previous decisions and highlighted the broad interpretation of assets under the Wealth-tax Act, emphasizing the inclusion of all assets, irrespective of the accounting system used, for valuation purposes. The ruling favored the Revenue, allowing for the inclusion of outstanding fees in the balance-sheet for wealth tax assessment. en-us Mon, 06 Apr 1987 00:00:00 +0530 Wed, 27 Jan 2010 13:43:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=25246 The Supreme Court held that outstanding fees of a practicing chartered accountant constitute an asset for wealth tax assessment. The Court emphasized that wealth tax is charged based on net wealth on the valuation date, requiring the consideration of all assets, including those not realized like interest on outstandings. The judgment overruled previous decisions and highlighted the broad interpretation of assets under the Wealth-tax Act, emphasizing the inclusion of all assets, irrespective of the accounting system used, for valuation purposes. The ruling favored the Revenue, allowing for the inclusion of outstanding fees in the balance-sheet for wealth tax assessment. Case-Laws Wealth-tax Mon, 06 Apr 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=25246