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2014 (8) TMI 1141 - AT - Wealth-taxAddition of Wealth on account of the cash found during the course of search - Held that:- A similar issue came up in Shri Nagurao Malku Gadge Versus The Wealth Tax Officer Ward 21 (3) (4) Mumbai [2011 (11) TMI 806 - ITAT MUMBAI ] there was a cash seizure from the assessee by the Crime branch of Mumbai Police. The Tribunal found that the said cash seized was directed to be kept in fixed deposit account with State Bank of India and therefore it cannot be considered as cash in hand for the purpose of the computation of net wealth. We find that part of the cash seized has been adjusted against the tax dues of Shri Ravi Kiran Aggarwal and M/s. Orbit Corporation Ltd. The balance cash is kept in the PD account of the Commissioner of Income Tax, therefore the same cannot be considered as “cash in hand” in the hands of the assessee for the purpose of the computation of net wealth of the assessee. We, accordingly direct the AO to delete the addition of wealth confirmed by the CWT(A). - Decided in favour of assessee.
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