Law:

Section:

Section 2(m) of the Wealth-tax Act, 1957 - Net wealth - Assets belonging to assessee - Assessment year 1978-79 - Whether sum claimed by assessee as debts irrecoverable should be excluded from his wealth for purpose of wealth-tax assessment - Held, no CASE REFERRED TO CIT v. Annapurani Veerappan [1992] 193 ITR 426 (Mad.) [Para 1]. Mrs. Chitra Venkataraman for the Applicant. Gangadharan for the Respondent. JUDGMENT R. Jayasimha Babu, J. - The decision which the Tribunal had relied on to hold in favour of the assessee had itself relied on an earlier decision of the same Tribunal for the earlier assessment year. That decision was the subject-matter of a reference and was considered by this Court in CIT v. Annapurani Veerappan [1992] 193 ITR 426 . 2. In that case, this Court held that debts which the assessee claimed to have become irrecoverable, were not to be treated as…

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