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TMI Blog1982 (2) TMI 60X X X X Extracts X X X X X X X X Extracts X X X X ..... acts and in the circumstances of the case, the Tribunal was justified and correct in law in upholding the decision of the Appellate Assistant Commissioner that the outstanding fees on the relevant valuation date were not liable to be included in the total wealth of the assessee ? ". We have heard learned counsel for the petitioner, but the respondent has not appeared in spite of proper service. The facts show that the respondent-assessee is a chartered accountant whose wealth-tax assessment was made for the six years under consideration. The relevant valuation dates were 31st December, 1970, to 31st December, 1975, for the six years. The WTO estimated that there were some outstanding professional fees due to the assessee in each year and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... shown to be so, then the question does not arise at all, and, hence, the Tribunal was right in refusing the reference. Learned counsel for the petitioner contended that this question has not been answered by this court and, he further relies on a decision of the Calcutta High Court in Dipti Kumar Basu v. CWT [1976] 105 ITR 450, in which case the court held, in the particular circumstances of that case, that a solicitor's outstanding bills were to be included in his wealth-tax assessment, notwithstanding the fact that he was maintaining his amounts on a cash basis. Learned counsel submits that if there is a conflict between two High Courts, a question of law certainly arises. As we have seen, the present case has to be decided on the findi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s may be prescribed; (b) where the assessee carrying on the business is a company not resident in India and a computation in accordance with clause (a) cannot be made by reason of the absence of any separate balance-sheet drawn up for the affairs of such business in India, the Wealth-tax Officer may take the net value of the assets of the business in India to be that proportion of the net value of the assets of the business as a whole wherever carried on determined as aforesaid as the income arising from the business in India during, the year ending with the valuation date bears to the aggregate income from the business wherever arising during that year. " On the other hand, the wording of sub-s. (1) is as follows: " (1) Subject to an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o the amendment made with effect from 1st April, 1965. In our view, neither of the two decisions has now any application. For the sake of convenience, it may be mentioned that in the case before the Calcutta High Court, the outstanding bills of a solicitor were treated as recoverable debts and the adjustment was made accordingly. It has apparently not been noticed by the WTO and also the AAC or the Tribunal that the section has been amended and now the jurisdiction of the WTO to make adjustments in the balance-sheet has become extremely limited so that neither decision cited before us has any application to the present case. Having dealt with both the factual and legal questions, we find that this is not a case in which any reference is ..... X X X X Extracts X X X X X X X X Extracts X X X X
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