1981 (7) TMI 88

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... debt due from M/s. Govind Glass Works Ltd. The WTO included the debt due, with the accrued interest in the wealth in all these years. The AAC found that no amount has been realised by the assessee, and, therefore, nothing has been shown in the Wealth-tax returns, in the subsequent valuation periods 31st Mar., 1975 onwards. He held that it is reasonable to hold that having filed the suit for recove .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... . Though a suit has been filed, nothing has been recovered. The debtor, M/s. Govind Glass Works Ltd., has been struck off from the Registers of the Company Law Board. Even the notices in the civil suit could not be served as the assessee is at Bangalore. There is practically no chance of any recovery. Hence, no value should be taken for the debt due and nothing should be included in the net wealth .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X