https://www.taxtmi.com/caselaws?id=58947 The Tribunal held that outstanding fees for services rendered by professionals are not considered a debt under the Wealth-tax Act. The term "business" was interpreted to include a profession, and valuation of assets for professionals should be done under specific provisions. The Tribunal ruled that outstanding professional fees cannot be included in the balance sheet for cash system accounting and should not be reduced by tax liabilities or bad debts. The net wealth of a professional firm must be computed based on applicable commercial principles. The appeal was allowed, rejecting the department's objections. en-us Fri, 29 Jan 1982 00:00:00 +0530 Thu, 23 Dec 2010 12:46:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=58947 The Tribunal held that outstanding fees for services rendered by professionals are not considered a debt under the Wealth-tax Act. The term "business" was interpreted to include a profession, and valuation of assets for professionals should be done under specific provisions. The Tribunal ruled that outstanding professional fees cannot be included in the balance sheet for cash system accounting and should not be reduced by tax liabilities or bad debts. The net wealth of a professional firm must be computed based on applicable commercial principles. The appeal was allowed, rejecting the department's objections. Case-Laws Wealth-tax Fri, 29 Jan 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=58947