1984 (7) TMI 69

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....tion that has been referred for the opinion of this court is : "Whether, on the facts and in the circumstances of the case, the Tribunal was justified in law in holding that the Wealth-tax Officer had jurisdiction to invoke section 35 of the Wealth-tax Act, 1957 ? " The facts behind the legal formulation lie in a narrow compass. The assessee is a partner of a firm called " M/s. Mangoomal Vijaya....

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....partnership is to be determined. Rules 2A and 2C provide for adjustment in the value of an asset not disclosed in the balance sheet. Rule 2C provides that the value of an asset not disclosed in the balance-sheet shall be taken to be in the case of a debt due to the assessee, the amount due to the assessee, and if any debt has been allowed as a deduction under clause (viii) of sub-s. (1). of s. 36 ....