https://www.taxtmi.com/caselaws?id=36525 The court ruled that outstanding bills receivable, not received by the assessee on the valuation date, should not be included as assets in his net wealth. The court emphasized the cash basis accounting system used by income-tax practitioners and held that income is recognized only upon receipt. Therefore, the Tribunal's decision to include the bills as assets was deemed incorrect. As a result, the question of deducting notional income-tax liability on these bills became irrelevant. en-us Fri, 28 Mar 1980 00:00:00 +0530 Tue, 23 Mar 2010 10:21:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36525 The court ruled that outstanding bills receivable, not received by the assessee on the valuation date, should not be included as assets in his net wealth. The court emphasized the cash basis accounting system used by income-tax practitioners and held that income is recognized only upon receipt. Therefore, the Tribunal's decision to include the bills as assets was deemed incorrect. As a result, the question of deducting notional income-tax liability on these bills became irrelevant. Case-Laws Wealth-tax Fri, 28 Mar 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36525