TMI Blog2003 (7) TMI 42X X X X Extracts X X X X X X X X Extracts X X X X ..... e negative, that is, against the assessee and in favour of the Revenue. - - - - - Dated:- 14-7-2003 - Judge(s) : A. R. DAVE., A. M. KAPADIA. JUDGMENT The judgment of the court was delivered by A.R. DAVE J.-At the instance of the Revenue, the following question of law arising out of an order passed by the Income-tax Appellate Tribunal, Ahmedabad Bench "B", has been referred to this court under the provisions of section 27(1) of the Wealth-tax Act, 1957 (hereinafter referred to as "the Act"): "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?" Learn ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ase rent which the assessee had to receive from the Income-tax Department and her lessee, respectively, was an asset of the assessee and, therefore, the Commissioner of Wealth-tax had rightly directed the Wealth-tax Officer under the provisions for section 25(2) of the Act to include the said amount as assets in the net wealth of the assessee. She has drawn our attention to the order passed by the Tribunal. Before the Tribunal it was argued on behalf of the assessee that as the assessee was maintaining her books of account on cash basis, the amount which had not been received by the assessee could not have been included in the net wealth of the assessee. So as to substantiate the said argument on behalf of the assessee, a judgment deliver ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... by the statute, are to be taken into account, and it is immaterial whether the assessee employs one system of accounting or another. There is clear indication that the assets to be considered are not circumscribed by any consideration of the particular system of accounting adopted by the assessee. The assets are not confined to cash. Where the asset is an asset other than cash, its value is determined pursuant to sub-section (1) of section 7 as the estimated price, which, in the opinion of the Wealth-tax Officer, the asset would fetch if sold in the open market on the valuation date." It has been thereafter submitted by her that the Tribunal had not followed the judgment delivered in the case of Dipti Kumar Basu v. CWT [1976] 105 ITR 450 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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