1990 (8) TMI 38

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..... under section 27(1) of the Wealth-tax Act, 1957 : "(1) Whether, on the facts and in the circumstances of the case, in view of the cash system of accounting adopted by the assessee, the outstanding fees remaining unrecovered as on the valuation date constitute the net wealth of the assessee as on such date ? (2) If the answer to question No. (1) is in the affirmative, whether the amount to be inc .....

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..... tter goes back to the Tribunal. We, accordingly, direct the Tribunal to determine, on the basis of the material so produced or allowed to be produced, whether the gross outstandings are required to be discounted, in any manner, taking into account factors such as bad debts and in the light of the above two decisions as well as our decision (myself and Sugla J.) dated June 11, 1990, in Wealth-tax R .....

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