https://www.taxtmi.com/caselaws?id=57475 The Tribunal upheld the decision of the CWT(A) and dismissed departmental appeals, ruling that income-tax refunds cannot be considered assets for wealth-tax purposes until determined by the taxing authority. The excess advance tax paid was not deemed an asset, following the Gujarat and Rajasthan High Courts' decisions. The Tribunal emphasized that the mere possibility of receiving an income-tax refund does not constitute an asset in wealth-tax assessments. en-us Mon, 05 Dec 1994 00:00:00 +0530 Fri, 10 Dec 2010 13:18:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=57475 The Tribunal upheld the decision of the CWT(A) and dismissed departmental appeals, ruling that income-tax refunds cannot be considered assets for wealth-tax purposes until determined by the taxing authority. The excess advance tax paid was not deemed an asset, following the Gujarat and Rajasthan High Courts' decisions. The Tribunal emphasized that the mere possibility of receiving an income-tax refund does not constitute an asset in wealth-tax assessments. Case-Laws Wealth-tax Mon, 05 Dec 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=57475