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2016 (11) TMI 143 - ITAT DELHIAddition of taxable wealth of the assessee because of surrender of the cash found in locker during the course of search - Held that:- The undisputed fact is that that assessee tried to explain the amount of cash seized from the locker with syndicate bank which was in the name of the assessee and the amount of ₹ 30 lakhs was found there from. Further, the explanation of the assessee was also not found to be correct that money belongs to the parents of the assessee as they gave this sum prior to year 2000 to the assessee because of the slips of the bank, which were bearing the dates of the year 2002 and 2003 and for which assessee did not offer any explanation. Further, the assessee in his statement has also disclosed the above sum as additional income and also paid due tax thereon. In view of these overwhelming evidence against the assessee, we are of the view that the the above sum of ₹ 30 lakhs belonged to the assessee. According to the provisions of section 3 of the wealth tax act every individual shall be charged tax on the “net wealth” as at the valuation date. Further, the “net wealth” has been defined under section 2 (m) of the wealth tax act to mean all the assets belonging to the assessee in excess of the debt owed as on the valuation date. According to the provisions of section 2(ea) of the act “assets” in case of individual includes cash in excess of ₹ 50,000/-. Therefore, as the above sum was belonging to the assessee as accepted by him as his income in income tax proceedings, now he cannot say that the above sum is not includible into the net wealth of the assessee. In view of this we confirm the order of the Ld. Commissioner of wealth tax confirming the addition of ₹ 30 lakhs on account of cash found in the locker belonging to the assessee and which was also added under section 69A of the income tax act in the hands of the assessee.
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