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2022 (9) TMI 614 - AT - Wealth-taxWealth tax assessment - Addition in hand in excess as part of the balance sheet and business asset not taxable under the provisions of Section 2(ea) of the Wealth Tax Act - CIT(A) deleted the addition by holding that the Assessee, an individual is engaged in the business and once he is maintaining the books of accounts and cash in hand is in the books of accounts, the same being business asset cannot be added under the provisions of Section 2(ea) - HELD THAT:- As the issue is squarely covered and the Assessee’s cash in hand pertains to business and is kept as cash in hand as in the balance sheet of the business of the Assessee, the same cannot be treated as an asset u/s.2(ea) of the Act. Hence, this issue in the Revenue’s appeal is dismissed. Addition made on account of the urban land at T.Nagar, Chennai - Once the building is under construction, whether to be treated as an asset for the purpose of Wealth Tax? - This issue has been answered by the Co-ordinate Bench of the Tribunal, Cochin Bench in the case of Federal Bank Limited [2005 (11) TMI 190 - ITAT COCHIN] we noted that this issue is covered in favour of the Assessee and hence respectfully following the Co-ordinate Bench of this Tribunal, we dismiss this issue of the Revenue’s appeal.
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