1991 (1) TMI 51

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....e-tax Appellate Tribunal misdirected itself in law in holding that the assessee's one-third share in the advance rent received from a foreign embassy, for the property at No. 1, Kautilya Marg, New Delhi, is a debt within the meaning of section 2(m) of the Wealth-tax Act, ignoring the fact that, in the order for the earlier year in the assessee's own case, the matter has been referred to the Appell....

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....ng amount was being held by the assessee for and on behalf of the tenants. It was, in other words, a debt due to the tenants because the Tribunal has found that if the tenancy was determined, then the amount had to be returned and could not be retained by the assessee. In view of these findings of fact, the answer to the question proposed is self-evident. It was then contended by Mr. Rajindr....