https://www.taxtmi.com/caselaws?id=62323 The Tribunal ruled that cash in hand recorded in the books of account is not considered an asset for wealth tax purposes under the Wealth Tax Act. Motor cars were included in the net wealth calculation as they did not meet specific usage criteria. The Tribunal upheld the exemption for a property, determining it qualified under Section 5(vi) of the Act. The assessees' appeals on cash in hand were allowed, partially allowing the property exemption appeals. The Revenue's appeals were dismissed, affirming the treatment of cash in hand and the property exemption. en-us Fri, 25 Aug 2006 00:00:00 +0530 Mon, 16 Jul 2012 11:50:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=62323 The Tribunal ruled that cash in hand recorded in the books of account is not considered an asset for wealth tax purposes under the Wealth Tax Act. Motor cars were included in the net wealth calculation as they did not meet specific usage criteria. The Tribunal upheld the exemption for a property, determining it qualified under Section 5(vi) of the Act. The assessees' appeals on cash in hand were allowed, partially allowing the property exemption appeals. The Revenue's appeals were dismissed, affirming the treatment of cash in hand and the property exemption. Case-Laws Wealth-tax Fri, 25 Aug 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=62323