https://www.taxtmi.com/caselaws?id=282239 The High Court of Kerala ruled in Wealth Tax Appeals that cash-in-hand exceeding Rs. 50,000 in the hands of individual assessees constitutes part of their assets under Section 2(ea)(vi) of the Wealth Tax Act. The Court rejected arguments that cash-in-hand should be excluded as a productive asset, emphasizing the Act's focus on non-productive assets for taxation. The decision clarified that cash-in-hand exceeding Rs. 50,000 is assessable for individuals and HUF, while for companies, it is the amount not recorded in the books of accounts. The departmental appeals were upheld by the Court. en-us Fri, 24 Jul 2009 00:00:00 +0530 Mon, 29 Jul 2019 09:47:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=282239 The High Court of Kerala ruled in Wealth Tax Appeals that cash-in-hand exceeding Rs. 50,000 in the hands of individual assessees constitutes part of their assets under Section 2(ea)(vi) of the Wealth Tax Act. The Court rejected arguments that cash-in-hand should be excluded as a productive asset, emphasizing the Act's focus on non-productive assets for taxation. The decision clarified that cash-in-hand exceeding Rs. 50,000 is assessable for individuals and HUF, while for companies, it is the amount not recorded in the books of accounts. The departmental appeals were upheld by the Court. Case-Laws Income Tax Fri, 24 Jul 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=282239