TaxTMI 
TaxTMI 
2017 (11) TMI 811
X X X X Extracts X X X X
X X X X Extracts X X X X
....ort "the Act") dated 29.12.2014 for the Assessment Year 2011-12. 2. The only effective issue to be decided in this appeal is as to whether the Ld. CWTA was justified in upholding the action of the Ld. AO including a sum of Rs. 48,81,761/- representing cash on hand of the proprietor business of the assessee to the net wealth of the assessee, in the facts and circumstances of the case. 3. The brief facts of this issue is that the assessee is an individual and had filed return of wealth in response to notice u/s 17 of the Act on 23.05.2014 declaring net wealth at Rs. 33,72,300/-. The assessee had prepared his personal balance sheet as well as his business balance sheet. The business balance sheet is prepared in respect of his proprietary con....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... without any prejudice to the above, the Ld. CWT(A) erred in not having considered that the said cash in hand of Rs. 48,81,761/- was duly considered in Global Valuation of Asset as per provision of Rule 14 of Part D of Schedule III of W.T. Rules and the resultant Global Valuation of Rs. 9,47,580/- has been included in the statement of net wealth. 3. That the decision in the case of CIT vs. Smt. M.R. Ushasree (2010) 229 CTR 52 (Ker) cited by the Ld. CWT(A) is not directly on the application of Global Valuation of business asset as per Rule 14 of Part D of Schedule III of W.T. Rules, whereas the said Rule specifies the statutory basis for adjustments of net wealth of business assets as a whole having regard to the Balance Sheet of such bus....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ct that cash in hand in the sum of Rs. 48,81,761/- in the instant case represents the cash belonging to the proprietary concern of the assessee and hence it is a business asset for the assessee. The said cash along with other eligible business asset had to be subjected to valuation for the purpose of Wealth Tax Act only in terms of Rule 14 Schedule III of the Rules. Hence we find that the assessee had rightly included the said cash of Rs. 48,81,761/- as part of his workings under global valuation of the business asset in terms of Schedule III Rule 14 of the Rules. We also find that the reliance placed by the Ld. AR on the decision of Co-ordinate Bench of this Tribunal in the case of Bimal Kr. Singh vs. DCWT, Circle-44, Kolkata in WTA No. 13....