https://www.taxtmi.com/caselaws?id=39240 For wealth-tax purposes, solicitor-firm outstandings were treated as assets because a debt due on enforceable bills for professional services is property and a chose in action, even if the precise amount may be disputed or realised later. Their inclusion was not defeated by the absence of an actual open market sale, since valuation is made on a notional open market. The firm's cash-basis accounting also did not govern wealth-tax computation, which looks to assets on the valuation date rather than income-recognition method. The valuation and balance-sheet adjustments were therefore upheld, and no exclusion or reduction was permitted on the stated grounds. en-us Fri, 16 May 1975 00:00:00 +0530 Wed, 14 Apr 2010 10:29:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=39240 For wealth-tax purposes, solicitor-firm outstandings were treated as assets because a debt due on enforceable bills for professional services is property and a chose in action, even if the precise amount may be disputed or realised later. Their inclusion was not defeated by the absence of an actual open market sale, since valuation is made on a notional open market. The firm's cash-basis accounting also did not govern wealth-tax computation, which looks to assets on the valuation date rather than income-recognition method. The valuation and balance-sheet adjustments were therefore upheld, and no exclusion or reduction was permitted on the stated grounds. Case-Laws Wealth-tax Fri, 16 May 1975 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=39240