1991 (1) TMI 51

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..... ng that the assessee's one-third share in the advance rent received from a foreign embassy, for the property at No. 1, Kautilya Marg, New Delhi, is a debt within the meaning of section 2(m) of the Wealth-tax Act, ignoring the fact that, in the order for the earlier year in the assessee's own case, the matter has been referred to the Appellate Assistant Commissioner for proper ascertainment of fact .....

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..... the tenants. It was, in other words, a debt due to the tenants because the Tribunal has found that if the tenancy was determined, then the amount had to be returned and could not be retained by the assessee. In view of these findings of fact, the answer to the question proposed is self-evident. It was then contended by Mr. Rajindra that the entire amount of advance rent could not be regarded a .....

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