https://www.taxtmi.com/caselaws?id=421877 The Tribunal affirmed the inclusion of cash in hand exceeding Rs.50,000 as a taxable asset for wealth tax purposes, rejecting the appellant's argument that it should be considered a business asset. The decision was based on the statutory definition of assets under the Wealth Tax Act, mandating the inclusion of excess cash in an individual's net wealth. Despite the appellant's contentions, the Tribunal found no error in the lower authorities' rulings and dismissed the appeal. en-us Thu, 03 Mar 2022 00:00:00 +0530 Wed, 04 May 2022 08:30:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=421877 The Tribunal affirmed the inclusion of cash in hand exceeding Rs.50,000 as a taxable asset for wealth tax purposes, rejecting the appellant's argument that it should be considered a business asset. The decision was based on the statutory definition of assets under the Wealth Tax Act, mandating the inclusion of excess cash in an individual's net wealth. Despite the appellant's contentions, the Tribunal found no error in the lower authorities' rulings and dismissed the appeal. Case-Laws Wealth-tax Thu, 03 Mar 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=421877