Following is not included in the definition of 'asset' under the Wealth-tax Act, 1957 —
CS Executive · Tax Laws and Practice · PYQS · December 2014
Following is not included in the definition of 'asset' under the Wealth-tax Act, 1957 —
Answer & Explanation:
Correct Answer: Option (B)
Correct answer: (B) Cash in hand recorded in the books of account by a company. This answer applies to the historical law and assessment-year context of this December 2014 paper; later amendments may differ.
Topics: Wealth Tax Act, 1957
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