R N GOENKA Vs. COMMISSIONER OF WEALTH TAX

JUDGEMENT

(1.) THE question which is raised in these petitions is as follows :

(2.) THE Tribunal has decided against the assessee, relying upon the ruling of this court in T. V. Srinivasan v. CWT [1985] 152 ITR 599. Learned counsel for the petitioner submits that the said decision of this court requires to be reconsidered inasmuch as the Division Bench had not considered the question as to how, on the valuation date, the advance tax already paid by the assessee under the Income-tax Act could be considered to be his asset. It was held in that case that the entire advance tax paid will be an asset of the assessee and the entire accrued income-tax liability for the relevant accounting year will be a debt owed by the assessee to the Government with the result that the excess advance tax paid will continue to have the character of an asset of the assessee.