ACHAMMA SEBASTIAN Vs. COMMISSIONER OF WEALTH TAX

JUDGEMENT

(1.) THE following question has been, at the instance of the assessee, referred to us by the Income-tax Appellate Tribunal, Cochin Bench:

(2.) THE assessment years in question are 1976-77, 1977-78 and 1978-79 for which the relevant valuation dates are March 31, 1976, March 31, 1977, and March 31, 1978, respectively. THE assessee is an individual whose wealth included her interest in a firm. Certain amounts were due to the firm from its customers and the firm had written off Rs. 15 lakhs from one of them and Rs. 1,67,160 from another. THE assessee in computing her interest in the firm excluded these amounts from the assets of the firm as bad debts. THE Wealth-tax Officer held that the debts had not become bad debts and rejected the assessee's contention on this point. THE assessee's appeal was allowed by the Appellate Assistant Commissioner. But his decision was reversed by the Income-tax Appellate Tribunal. THE Tribunal held in paragraph 5 of its order as follows:

(3.) A copy of this judgment under the seal of the High Court and the signature of the Registrar shall be forwarded to the Income-tax Appellate Tribunal, Cochin Bench.