1984 (10) TMI 62

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....on of the income-tax liabilities relating to the asst. yrs. 1974-75 and 1975-76. The WTO disallowed the claim on the ground that they were more than one year old. Possibly, he was counting the period of one year with reference to the assessment years themselves. 2. The assessee appealed to the AAC. It was submitted before the latter that the return for the asst. yr. 1974-75 was filed on 27th Ma....

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....on date for the year under appeal. On behalf of the assessee, the order of the AAC was supported. 4. WE have considered the submissions placed before us. We are of the opinion that the matter has not been dealt with in accordance with law by the lower authorities. Sec. 2, cl. (m) defines net wealth as meaning the amount by which the aggregate value of the all the assets is in excess of the aggr....