TMI Blog2014 (8) TMI 1141X X X X Extracts X X X X X X X X Extracts X X X X ..... nch of Mumbai Police. The Tribunal found that the said cash seized was directed to be kept in fixed deposit account with State Bank of India and therefore it cannot be considered as cash in hand for the purpose of the computation of net wealth. We find that part of the cash seized has been adjusted against the tax dues of Shri Ravi Kiran Aggarwal and M/s. Orbit Corporation Ltd. The balance cas ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on of Wealth of ₹ 2,06,31,230/- on account of the cash found during the course of search. 3. Briefly stated the facts of the case are that a search and seizure operation was conducted on 11.2.2010 where physical cash of ₹ 12,69,85,000/- was found. The same was offered for taxation and was seized by the search party. The WTO was of the firm belief that since the cash is in excess of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Tribunal in WTA No. 16/Mum/2009 wherein there was a cash seizure from the assessee by the Crime branch of Mumbai Police. The Tribunal found that the said cash seized was directed to be kept in fixed deposit account with State Bank of India and therefore it cannot be considered as cash in hand for the purpose of the computation of net wealth. In the present case also we find that part of the cash ..... X X X X Extracts X X X X X X X X Extracts X X X X
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