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Section 2(e) of the Wealth-tax Act, 1957 - Assets - Assessment year 1974-75 - Whether any debt which is owed by anybody to assessee would be a property of assessee and that would be included in its wealth irrespective of system of accounting followed by assessee - Held, yes FACTS The assessee had to recover certain amounts by way of lease rent and certain amount as refund from the Income-tax Department. The said two items had not been included in her wealth-tax return. The Commissioner of Wealth-tax exercising his power of revision under section 25(2), directed the Wealth-tax Officer to include the said two assets in the net wealth of assessee on the ground that the said amount had become due and payable to the assessee on the date of valuation. In appeal it was contended by the assessee that she was maintaining her books of account on cash basis and, therefore, the said two assets could not have been included in her wealth. The Tribunal allowed the appeal. On reference : HELD Looking at the definition of the term 'assets' in section 2(e), the said term would include property of every description, movable or immovable, except those which have been specifically excluded. Upon perusal of the definition, it is very clear that any debt, which is owed by anybody to the assessee, would be a property of the assessee and, therefore, it would be included in the assets of the assessee irrespective of the system of accounting followed by the assessee. [Para 9] Therefore, the Commissioner of Wealth-tax was right in directing the Wealth-tax Officer under section 25(2) to include the two assets in question in the net wealth of the assessee. [Para 10] CASES REFERRED TO CWT v. Vysyaraju Badreenarayanamoorthy Raju [1971] 79 ITR 330 (Ori.) [Para 5], Dipti Kumar Basu v. CWT [1976] 105 ITR 450 (Cal.) [Para 5], CWT v. Vysyaraju Badreenarayanamoorthy Raju [1985] 152 ITR 454/ 21 Taxman 5 (SC) [Para 6] and Henry Joshua Silverston v. CWT [1991] 192 ITR 296 (SC) [Para 7]. Ms. Mauna M. Bhatt for the Petitioner. JUDGMENT A.R. Dave, J. - At the instance of the Revenue, the following question of law arising out of an order passed by the Tribunal, Ahmedabad Bench 'B' has been referred to…

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