https://www.taxtmi.com/caselaws?id=350358 The Tribunal upheld the Commissioner of Income Tax (Appeals)'s order, affirming that cash in hand exceeding Rs. 50,000 for individuals, even if recorded in business books, constitutes an asset under Section 2(ea)(vi) of the Wealth Tax Act, 1957. The appellant's appeals were dismissed, and the Assessing Officer's additions were deemed valid. The decision clarified that business cash cannot be excluded as an asset for wealth tax purposes, aligning with statutory provisions. en-us Wed, 27 Sep 2017 00:00:00 +0530 Sat, 04 Nov 2017 08:36:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=350358 The Tribunal upheld the Commissioner of Income Tax (Appeals)'s order, affirming that cash in hand exceeding Rs. 50,000 for individuals, even if recorded in business books, constitutes an asset under Section 2(ea)(vi) of the Wealth Tax Act, 1957. The appellant's appeals were dismissed, and the Assessing Officer's additions were deemed valid. The decision clarified that business cash cannot be excluded as an asset for wealth tax purposes, aligning with statutory provisions. Case-Laws Wealth-tax Wed, 27 Sep 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=350358