1990 (6) TMI 18 - HC - Wealth-tax

Summary

The High Court of Bombay ruled on five questions under the Wealth-tax Act, 1957. The court referred to previous cases and clarified that income tax liability on outstanding fees cannot be considered as an accrued liability if accounts are kept on a cash basis. Questions 1, 2, and 3 were answered in favor of the Revenue, Question 4 in favor of the assessee, and Question 5 in favor of the Revenue. No costs were awarded.