1981 (7) TMI 88

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..... s. 297 to 301 (Bang)/1980 is with regard to the debt due from M/s. Govind Glass Works Ltd. The WTO included the debt due, with the accrued interest in the wealth in all these years. The AAC found that no amount has been realised by the assessee, and, therefore, nothing has been shown in the Wealth-tax returns, in the subsequent valuation periods 31st Mar., 1975 onwards. He held that it is reasonab .....

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..... hat there was no chance of recovery of the debt. Though a suit has been filed, nothing has been recovered. The debtor, M/s. Govind Glass Works Ltd., has been struck off from the Registers of the Company Law Board. Even the notices in the civil suit could not be served as the assessee is at Bangalore. There is practically no chance of any recovery. Hence, no value should be taken for the debt due a .....

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