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2022 (5) TMI 137 - AT - Wealth-taxWealth tax assessment - assessment of cash in hand in the hands of individual assessee - whether liable to wealth tax or not? - assessee claimed that he runs a big retain chain of business in the State wherein the daily cash sales clocks in an average of Rs.1.5 crores and availed overdraft facility from Indian Bank, T.Nagar Branch against the security of current asset, mainly of stock in trade with the condition that the realization of sale proceeds is to be deposited with them - HELD THAT:- We noted that the assessee may be having big retail chain of business but assessee is an individual. Admittedly, the assessee has cash in hand of Rs.1,41,65,793/-. As per the Wealth Tax Act, Section 2(ea) i.e., definition of assets in relation to assessment year commencing on the 1st day of April 1993 or any subsequent assessment year means (vi) cash in hand, in excess of fifty thousand rupees, of individuals and Hindu undivided families and in the case of other persons any amount not recorded in the books of account We noted that assessee is an individual and this cash in hand is kept in the capacity of individual and not kept as cash in books of accounts. As per the definition of section 2(ea)(vi) of the Act, the excess cash in excess of rupees fifty thousand will be treated as asset and will be included in the net wealth of the assessee. In term of the above, we find no infirmity in the orders of lower authorities and accordingly this issue of assessee’s appeal is dismissed.
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