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TMI Blog2017 (9) TMI 1535X X X X Extracts X X X X X X X X Extracts X X X X ..... d of Rs. 1,32,02,650 from the appellant by the Department represents the asset within the meaning of section 2(ea) of the Wealth Tax Act. 3. The learned Commissioner of Wealth-Tax (Appeal) erred in holding that the investment made in flat at Warangal of Rs. 11.00 lakhs represents asset for the purposes of Wealth Tax". 2. Brief facts of the case are that there was a search and seizure operation u/s 132 of the Act in the case of the assessee on 7.8.2008 during the course of which, cash of Rs. 1,32,02,650 was found and seized and undisclosed investment of Rs. 11.00 lakhs in a flat at Warangal was detected. The AO observed that the assessee is liable for wealth tax but has not filed the wealth tax return for the A.Y 2009-10. He therefore, i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rders of the authorities below and submitted that the cash found in the assessee's premises during the course of search was seized and though it was deposited in the P.D A/c of the Department it continued to belong to the assessee and therefore, according to her, the assessee is the legal owner of the cash so deposited and therefore, the said cash is part of the wealth of the assessee and has rightly been brought to tax under the Wealth Tax Act. She placed reliance upon the judgments relied upon by the learned CIT (A) in support of her contention. 5. Having regard to the rival contentions and the material on record, we find that the said sub clause (vi) of the clause (ea) of section 2 defines the assets to mean "cash in hand" in excess of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hand". The Longman Business dictionary defines "cash in hand" as the amount of money in the form of cash that a company has after it has paid all its costs; the amount of money held by a company in the form of notes and coins. But, in the case before us, the cash is no longer in the form of notes and coins, but is in the form of a deposit in PD A/c under the control of the Department. The interpretation of the provisions of the Wealth Tax Act by the learned CIT (A), in our opinion, is therefore, misplaced. The money belonging to the assessee was lying in the P.D A/c of the CIT as on the valuation date for appropriation in accordance with section 132B of the Act. Thus, it is not under the free control of the assessee. Therefore, we are of th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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