19 January 2013
As per the section 2(ea)(vi) of the Wealth Tax Act Following is treated as an “assets”: a) In case of any individual and HUF, cash in hand on the last moment of the valuation date in excess of 50,000 shall be treated as “asset” b) In case of any other person any amount not recorded in the books of accounts shall be treated as “asset”.
That is if the Cash Balance of the Firm is recorded in the Books of Accounts, it is not an Asset and accordingly it need not to be apportioned among the Partners.
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