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2003 (7) TMI 42 - HC - Wealth-tax"Whether, on the facts and in the circumstances of the case, the Tribunal was right in law in setting aside the order of the Commissioner of Wealth-tax so far as it related to the refund amount of Rs. 29,511 and lease rent Rs. 4,000?" - Upon a perusal of the definition of the term "assets" in section 2(e) of the Wealth-tax Act, it is very clear that any debt, which is owed by anybody to the assessee, would be a property of the assessee and therefore it would be included in the assets of the assessee irrespective of the system of accounting followed by the assessee – Thus, we answer the question in the negative, that is, against the assessee and in favour of the Revenue.
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