The assessee carried on the business of supplying electrical energy in the City of Calcutta. During the year 1959-60 the corresponding valuation date being March 31, 1959, the assessee showed in its balance sheet D a deduction from the value of its total assets on the ground that the sum in question represented the contribution made by the consumers for putting up service connections. The Wealth Tax Officer proceeded to assess the net wealth of the assessee under s. 7 (2) of the Wealth Tax Act, 1957 and in doing so refused to grant the deduction claimed, though he accepted the valuation of the assets as shown in the balance-sheet. E The Appellate Assistant Commissioner and the Appellate Tribunal however held that the deduction must be allowed. The Tribunal was influenced in its decision by the fact that in computing the value of the undertaking under s. 7 (A) of the Indian Electricity Act the value of service lines and other capital works or any part thereof which had been constructed at the cost of the consumers had to be ignorned. The High Court in rtf,renco decided against assessee. In appeal to this Court by the assessee,
