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2021 (3) TMI 1185 - AT - Wealth-taxReopening of wealth tax assessment - assessee has not filed any wealth tax return as on the basis of cash in hand - HELD THAT:- As notice u/s.17 of the Wealth Tax Act, 1957, was issued by the Assessing Officer after verification of balance-sheet filed by the assessee along with return of income pertaining to income-tax assessment, the Assessing Officer has noticed that assessee has shown cash in hand to the amount of ₹ 85 lakhs in the balance-sheet. Assessee has neither paid wealth tax nor filed any wealth-tax return. Therefore, the Assessing Officer has reopened the wealth tax assessment after recording due reasons and obtaining necessary approval. Looking to the aforesaid facts and circumstances of the case, we do not find any infirmity in justifying the reopening of wealth-tax assessment and further on the basis of notices issued to the assessee, we consider that sufficient opportunities were provided to the assessee at the time of wealth-tax assessment. In view of the above, Ground Nos.1 to 3 of the assessee’s appeal are rejected. Treating disclosed cash in hand as part of total wealth-tax of the assessee - At the time of wealth-tax assessment, assessee has claimed that aforesaid cash was actually represented outstanding amount as a receivable and incorrectly shown as cash in hand in the balance-sheet. In this regard, it is noticed that assessee has not shown any debtor or any other receivable to substantiate his claim that actually the cash in hand was receivable. As gone through the paper-book filed by the assessee and noticed that assessee has failed to produce any material to authenticate his contention that the cash in hand in his account was actually receivable and pertained to the sales. In the light of above facts and circumstances, it is clear that assessee has not rendered any cogent explanation or documentary evidence to support his contention before the authorities below or before us at the time of appellate proceedings. Even the assessee has not given the basic details of list of debtors from whom the aforesaid amount was receivable. Therefore, no merit in the ground of assessee’s appeal.
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