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TMI Blog1984 (10) TMI 69X X X X Extracts X X X X X X X X Extracts X X X X ..... the professional income under the cash system of accounting. The grievance in this appeal is that the CWT (A), wrongly excluded from the assessee's net wealth the present value of the deferred annuity policies and the outstanding professional fees. 3. The ld. Departmental Representative Shri Aggarwala referred to the decision of the Special Bench of the Tribunal in the case of ITO vs. Bajaj Aut ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n the case of a solicitor maintaining books under the cash system of accounting, the outstanding professional fees is an asset and the value thereof is includible in the assessee's net wealth. Shri Aggarwala read to us from the judgment of their Lordships in this case of bring out his point that whether the system of accounting employed was cash or mercantile system was of no consequence under the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t Tribunal should not differ from its own decision in the earlier years, particularly in the assessee's own case. It was also pointed out by him that in the case of Dipti Kumar Basu vs. CWT, their Lordships of the Hon'ble High Court of Calcutta were dealing with the case of a solicitor whose bill of costs was a choose-in-action as laid down in Halsbury's Laws of England and Shell's Equity case unl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the provisions of s. 40(c) of the IT Act, 1961, and, therefore, the decision of the Special Bench of the Tribunal in that case will be of no help and will not be applicable to the issue of whether the present value of the deferred annuity policies in the case of a film artist who maintains her accounts under the cash system of accounting can be included in her net wealth. Following with respect, t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d down by a number of judicial pronouncements, the Tribunal should not differ from its earlier orders particularly in an assessee's own case. Considering all this and following with respect the order of the Special Bench of the Tribunal in the case of N. M. Shah vs. WTO and our own orders in the appeals relating to the asst. yrs. 1975-76 and 1976-77, we hold that the outstanding professional fees ..... X X X X Extracts X X X X X X X X Extracts X X X X
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