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TMI Blog2018 (9) TMI 1793X X X X Extracts X X X X X X X X Extracts X X X X ..... h on hand’. When such set off is permissible while computing the value of the specified asset u/s.2(ea)(vi) of the Act, interpretation to section 2(m) is only a change of opinion. In any case, the ld. Assessing Officer, when completing the assessment u/s.16(3) of the Act, has also examined the issue of assessee’s claim in respect of set off of the debts owed in relation to asset ‘cash on hand’. Th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the separate Orders passed by the Principal Commissioner of Wealth Tax, Central-2, Chennai in Appeal Nos.2744/C-2/2016-17/38, 2744/C-2/2016-17/39, 2744/C-2/2016- 17/40 2744/C-2/2016-17/41, all dated 28.03.2018, for the assessment years 2009-10, 2010-11, 2012-13 2013-14 respectively. 2. Shri G.Baskar represented on behalf of the Assessee, and Shri S.Nethrapal represented on behalf of the Re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ear 2013-14, the order passed u/s.25(2) by the Principal Commissioner of Wealth Tax, Central-2, Chennai is without jurisdiction, and is liable to be annulled and we do so. 5. In the result, the appeal of the assessee in WTA No.72/Chny/2018 for assessment year 2013-14 stands allowed. 6. In respect of assessment years 2009-10, 2010-11 2012-13 in WTA Nos.69 to 71/Chny/2018, ld.A.R submitted t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d the order of the Principal Commissioner of Wealth Tax. 8. We have considered the rival submissions. Admittedly the return in Form-BA is a statutory form and in the said Form, provision has been provided for claiming the set off of the debts owed in relation to asset cash on hand . When such set off is permissible while computing the value of the specified asset u/s.2(ea)(vi) of the Act, inte ..... X X X X Extracts X X X X X X X X Extracts X X X X
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