Home Case Index All Cases Wealth-tax Wealth-tax + AT Wealth-tax - 2017 (11) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2017 (11) TMI 811 - AT - Wealth-taxInclusion of cash on hand of the proprietor business of the assessee to the net wealth of the assessee - Held that:- Cash in hand referred to in Section 2(ea)(vi) of the Act represents only the personal cash of the assessee emanating from his personal balance sheet. It nowhere contemplated the inclusion of cash which is held as business asset. If it is so held, then the purpose of valuation method prescribed in Schedule III Rule 14 of the Rule would become redundant. Admittedly, the cash in hand of ₹ 48,81,761/- represents the cash belonging to the business of the assessee and thereby partakes the character of a business asset. In view of all, we have no hesitation in directing the Ld. AO to delete the addition made in the sum of ₹ 48,81,761/- from the value of net wealth representing business cash. Accordingly, the grounds 1 to 4 raised by the assessee are allowed.
|