2022 (5) TMI 137

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....ER GIRISH AGRAWAL , AM : This appeal by the assessee is arising out of the order of the Commissioner of Wealth Tax (Appeals)-2, Chennai in WTA No.154/2018-19 dated 30.05.2019. The assessment was framed by the Assistant Commissioner of Income Tax, Non-Corporate Circle-2, Chennai for the relevant assessment year 2011-12 u/s. 16(3) r.w.s.17 of the Wealth Tax Act, 1957 (hereinafter 'the Act'), vide o....

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....onfirmed the action of the AO by observing as under:- "It is clear from the statute that cash in excess of Rs.50,000/- is required to be considered as an "asset" for the purposes of Wealth Tax while computing the net wealth in the case of Individuals and Hindu Undivided Families. The appellant tried to argue that the cash on hand in his case is required to be treated as business asset, and there....

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....ctive warranting exclusion. In fact, the Parliament deliberately brought to tax cash in hand in the case of individuals and HUFs for the purpose of levy of wealth-tax in excess of the limit of Rs. 50,000 by treating it as nonproductive asset. Therefore, the argument that cash in hand of businessmen should be treated as productive asset also is meaningless." In view of the above, and respectfull....

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....lization of sale proceeds is to be deposited with them. According to assessee, neither the AO nor the CIT(A) understand the concept of 'substance over form'. It was contended that cash is held as cash in hand which is technically a mere change in form of stock which was held in hand, which was pledged against OD facility with Indian Bank, T.Nagar branch. We noted that the assessee may be having bi....