Wealth Tax not payable on Cash Balance generated out of Cash Sales

Surendra Pal Singh Vs DCWT (ITAT Kolkata)

Cash in hand referred to in Section 2(ea)(vi) of the Act represents only the personal cash of the assessee emanating from his personal balance sheet. It nowhere contemplated the inclusion of cash which is held as business asset.

We find that the assessee had submitted a statement showing computation of global value of assessee’s business at Rs. 9,47,580/- as per procedure laid down in Schedule III Rule 14 of the R

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