TaxTMI 
TaxTMI 
1984 (10) TMI 69
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....artist who maintained her account of the professional income under the cash system of accounting. The grievance in this appeal is that the CWT (A), wrongly excluded from the assessee's net wealth the present value of the deferred annuity policies and the outstanding professional fees. 3. The ld. Departmental Representative Shri Aggarwala referred to the decision of the Special Bench of the Trib....
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....) wherein their Lordships held that in the case of a solicitor maintaining books under the cash system of accounting, the outstanding professional fees is an asset and the value thereof is includible in the assessee's net wealth. Shri Aggarwala read to us from the judgment of their Lordships in this case of bring out his point that whether the system of accounting employed was cash or mercantile s....
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.... number of judicial pronouncements that Tribunal should not differ from its own decision in the earlier years, particularly in the assessee's own case. It was also pointed out by him that in the case of Dipti Kumar Basu vs. CWT, their Lordships of the Hon'ble High Court of Calcutta were dealing with the case of a solicitor whose bill of costs was a choose-in-action as laid down in Halsbury's Laws ....
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....tor was an expenditure which attracted the provisions of s. 40(c) of the IT Act, 1961, and, therefore, the decision of the Special Bench of the Tribunal in that case will be of no help and will not be applicable to the issue of whether the present value of the deferred annuity policies in the case of a film artist who maintains her accounts under the cash system of accounting can be included in he....