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2019 (8) TMI 5 - AT - Wealth-taxAddition on account of cash in hand - treating the same as taxable wealth u/s 2(ea)(vi) - wealth tax appeal is against the finding of CIT(A) treating the cash in hand held by the assessee in his sole proprietorship concern M/s Kargil Bullion as a taxable asset liable for wealth tax - HELD THAT:- Both the lower authorities erred in including the business asset i.e. cash in hand as wealth of the assessee. Ld. CIT(A) failed to appreciate that the alleged cash was part of regular cash in hand maintained by the assessee for the business purpose and due to the holiday on the last date of financial year and on the 1st & 2nd April of the subsequent financial year, the cash received by the assessee on account of sale of gold at Noida and Agra branch on 30.03.2007 & 31.03.2007 remained as cash in hand which was subsequently, deposited in parts in the bank account on 3rd April 2007 & 4th April 2007 and 5th April 2007. As a result of which cash in hand as on 30.04.2007 was only ₹ 13,230/-. Therefore, the alleged amount being held by the assessee as a business asset in the capacity as proprietor of business concern M/s Kargil Bullion the same is not liable to be included as assets in the wealth of the assessee for the purpose of levying wealth tax. Thus, ground no.1 of the assessee’s appeal is allowed.
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