https://www.taxtmi.com/caselaws?id=27573 The court affirmed the Tribunal's decision that the fixed deposit in the blocked account should be valued under section 7(1) of the Wealth-tax Act, 1957, and should not be treated as cash for wealth-tax purposes. The court held that the fixed deposit, due to its restrictive nature, did not qualify as cash and should be evaluated considering the restrictions imposed by the Ceylonese exchange control authorities. The court emphasized interpreting the term "cash" restrictively, aligning with legislative intent, and considering market value with any attached restrictions. The decision favored the assessee against the Revenue. en-us Wed, 16 Nov 1983 00:00:00 +0530 Sat, 13 Feb 2010 16:50:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=27573 The court affirmed the Tribunal's decision that the fixed deposit in the blocked account should be valued under section 7(1) of the Wealth-tax Act, 1957, and should not be treated as cash for wealth-tax purposes. The court held that the fixed deposit, due to its restrictive nature, did not qualify as cash and should be evaluated considering the restrictions imposed by the Ceylonese exchange control authorities. The court emphasized interpreting the term "cash" restrictively, aligning with legislative intent, and considering market value with any attached restrictions. The decision favored the assessee against the Revenue. Case-Laws Wealth-tax Wed, 16 Nov 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=27573