9911796707
TMI Blog1977 (10) TMI 18X X X X Extracts X X X X X X X X Extracts X X X X ..... he judgment of the court was delivered by CHANDURKAR J.--An application made by the revenue for reference of the following question was rejected by the Tribunal : " Whether, on the facts and in the circumstances of the case, the Tribunal was right in law in holding that for the purpose of rule 19(3) a distinction has to be made between debts owed and debts due and that only debts that had beco ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Having heard the learned counsel for the revenue and the assessee, we are not satisfied that any question of law, as proposed by the revenue, arises in view of the decision of the Supreme Court cited above in which the Supreme Court, while dealing with the concept of " debt owed " within the meaning of section 2(m) of the Wealth-tax Act, has referred to the decision of the Calcutta High Court and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is not a debt, or does not become a debt, until the contingency has happened." Since these observations have been approved by the Supreme Court, the concept of debt owed and debt due must be taken to have been clearly defined by the decision of the Supreme Court. Since the principle with regard to the construction of the words " debt due " and " debt owed " is now settled by the Supreme Court, ..... X X X X Extracts X X X X X X X X Extracts X X X X
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