Home Case Index All Cases Wealth-tax Wealth-tax + HC Wealth-tax - 2009 (7) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2009 (7) TMI 834 - HC - Wealth-taxAsset u/ s2(ea)(vi) - Cash in hand - Parliament deliberately brought to tax cash in hand in the case of individuals and HUFs for the purpose of levy of wealth-tax in excess of the limit of Rs.50,000 by treating it as non-productive asset - Cash in hand of businessmen should be treated as productive asset also is meaningless - The Departmental appeals, reversing the orders of the Tribunal and by upholding the orders of the lower authorities holding that cash in hand in excess of Rs. 50,000 held by the individual assessees formed part of assets under section 2(ea)(vi) of the Act.
|