1990 (6) TMI 48

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..... arried on a profession as architect for some time as an individual and then as a partner of a firm which was also carrying on the profession of architects in the two years under reference. Both the assessee and the partnership firm were maintaining their books of account on the cash method of accountancy. The out standing fees were, therefore, not shown in their balance-sheet. The Wealth-tax Off .....

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..... ere not includible as an asset in the net wealth of the assessee. The Tribunal upheld the orders of the Appellate Assistant Commissioner. At the instance of the Department, the Tribunal has referred the following question of law to this court under section 27(1) of the Wealth-tax Act, 1957 : "Whether, on the facts and in the circumstances of the case, the outstanding professional fees remainin .....

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..... to this ground as he had deleted the inclusion of outstanding fees itself. The Department's appeals were dismissed by the Tribunal and thus the Tribunal had also no occasion to refer to and/or discuss the assessee's alternative claim. Now, that the outstanding fees are held to be includible as an asset in the net wealth of the assessee, counsel submitted that it was only fair that the assessee sho .....

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