1977 (10) TMI 18

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....KAR J.--An application made by the revenue for reference of the following question was rejected by the Tribunal : " Whether, on the facts and in the circumstances of the case, the Tribunal was right in law in holding that for the purpose of rule 19(3) a distinction has to be made between debts owed and debts due and that only debts that had become due for payment as at the end of the accounting....

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.... and the assessee, we are not satisfied that any question of law, as proposed by the revenue, arises in view of the decision of the Supreme Court cited above in which the Supreme Court, while dealing with the concept of " debt owed " within the meaning of section 2(m) of the Wealth-tax Act, has referred to the decision of the Calcutta High Court and has quoted the following observations with appro....