1970 (4) TMI 40

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....indu undivided family. The year of assessment is 1962-63, and the relevant date of valuation is March 31, 1962. Admittedly, the assessee is also assessed to income-tax and maintains the cash system of accounting. The assessee did not include a sum of Rs. 1,50,000 which had accrued due by way of interest on money-lending business by the date of valuation, but had not been received by the assessee until then, in its wealth-tax return. The stand taken by the assessee was that the amount having not been received it could not be taken into account for determining the net wealth as defined under section 2(m) of the Act. The Wealth-tax Officer, however, added the amount and computed the net wealth. The assessee's appeal before the Appellate Assist....

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....ness as a whole having regard to the balance-sheet of such business as on the valuation date and making such adjustments therein as the circumstances of the case may require " (Underlining ours.) There is no dispute in this case that the assessee has maintained accounts regularly and, as the Appellate Tribunal has indicated, there is a balance-sheet of such business as on the valuation date. The assessee did not include the interest on money-lending business accrued to it on the date of valuation as the same had not been received and a balance-sheet prepared on the cash basis of accounts would not have scope for including profits accrued but not received. Admittedly, the Wealth-tax Act is a sister legislation of the Income-tax Act, and v....