1990 (6) TMI 18

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..... under section 27(1) of the Wealth-tax Act, 1957 : "(1) Whether the adjustments prescribed in terms of section 7(2)(a) of the Wealth-tax Act can be made to the balance-sheet in the case of an assessee who is carrying on a profession ? (2) Whether, on the facts, rule 2C of the Wealth-tax Rules is applicable in this case ? (3) If the answer to question No. (2) is in the affirmative, whether it is .....

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..... 76 (CWT v. Vasantlal D. Mehta [1990] 186 ITR 284) along with Wealth-tax Reference No. 92 of 1975 (CWT v. K. T. Divecha [1990] 186 ITR 310 delivered by us on June 11, 1990. We would like to clarify that income tax liability on outstanding fees cannot be considered as an accrued liability in a case where the professional has kept his accounts on cash basis for the purpose of income-tax as set out in .....

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