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2012 (10) TMI 162 - AT - Wealth-taxWhether cash seized and was deposited in PD account with CIT, liable to includible in Wealth of assessee – Assessee argued that this amount was declared as income in subsequent year and the assessee had paid the tax, therefore, the same cannot be included on the valuation date under Wealth Tax – Held that:- As the money which was seized by the Police and transferred to the P.D. account of the CIT. Therefore, although the money was lying in the P.D. account of the CIT, still the assessee is the owner of the money which shall be returned to him after appropriation of due taxes as per the provisions u/s. 132B. The money so retained by the department in the P.D. Account of the CIT was not confiscated and was only a mere seizure. Therefore, the assessee in our opinion continues to be the legal owner of the cash and therefore it belongs to the assessee and is includable in his Net Wealth. Appeal decides in favour of revenue
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