https://www.taxtmi.com/caselaws?id=373388 The court concluded that cash-in-hand disclosed in the books of account and used for business purposes should not be treated as an asset under the Wealth-tax Act. It upheld the Tribunal's decision on jurisdiction under section 25, finding it in accordance with law. The court deemed sub-clause (vi) of section 2(ea) constitutionally valid but clarified that cash-in-hand disclosed in books of account by individuals engaged in commercial activities should not be taxed as wealth. The court ruled in favor of the assessees, directing that only undisclosed cash-in-hand should be taxed under the Act and rejected the Revenue's appeals. en-us Mon, 16 Jul 2018 00:00:00 +0530 Sat, 12 Jan 2019 06:39:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=373388 The court concluded that cash-in-hand disclosed in the books of account and used for business purposes should not be treated as an asset under the Wealth-tax Act. It upheld the Tribunal's decision on jurisdiction under section 25, finding it in accordance with law. The court deemed sub-clause (vi) of section 2(ea) constitutionally valid but clarified that cash-in-hand disclosed in books of account by individuals engaged in commercial activities should not be taxed as wealth. The court ruled in favor of the assessees, directing that only undisclosed cash-in-hand should be taxed under the Act and rejected the Revenue's appeals. Case-Laws Wealth-tax Mon, 16 Jul 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=373388