https://www.taxtmi.com/caselaws?id=356785 The Tribunal dismissed the Appeal, upholding the decision that cash seized and deposited in a Personal Deposit Account should not be considered as cash in hand for wealth tax valuation under the Wealth Tax Act, 1957. The ruling relied on the distinction between cash in hand and cash in bank, as clarified by the Apex Court, emphasizing that funds deposited in a bank establish a debtor-creditor relationship. The judgment underscores the significance of differentiating between cash in hand and cash in bank for tax valuation, based on established legal principles and precedents. en-us Wed, 21 Feb 2018 00:00:00 +0530 Tue, 13 Mar 2018 07:25:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=356785 The Tribunal dismissed the Appeal, upholding the decision that cash seized and deposited in a Personal Deposit Account should not be considered as cash in hand for wealth tax valuation under the Wealth Tax Act, 1957. The ruling relied on the distinction between cash in hand and cash in bank, as clarified by the Apex Court, emphasizing that funds deposited in a bank establish a debtor-creditor relationship. The judgment underscores the significance of differentiating between cash in hand and cash in bank for tax valuation, based on established legal principles and precedents. Case-Laws Wealth-tax Wed, 21 Feb 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=356785