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2016 (6) TMI 471 - AT - Wealth-taxEscapement of wealth chargeable to tax - cash found in excess of ₹ 50,000/-, being the limit prescribed under Wealth Tax Act, 1957 - Held that:- Revenue’s submission that since the cash balances are in excess of the limit prescribed under Wealth Tax Act, 1957, the cash balance in excess of ₹ 50,000/- are to be treated as wealth of the assessee. On the other hand, apart from other submissions, it is assessee’s submission that the cash which is owned up by assessee as reflected in the Settlement Commission order, represents the cash of various entities (i.e. 65 entities) and is not the cash of assessee alone. We find that there is no finding of any of the lower authorities as to the amount of cash of the various entities. In such a situation, we are of the view, that the issue needs to be re-examined at the end of AO. AO is directed to consider the cash as wealth of the assessee in accordance with law and only to the extent of the cash as at the close of year that belongs to the assessee. We therefore remit the issue to the file of AO to decide the taxability of cash as wealth as noted herein. The assessee is also directed to co-operate by promptly furnishing all the details called for by the authorities. - Decided in favour of revenue for statistical purposes.
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