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2013 (5) TMI 262 - ITAT AMRITSARLevy of Wealth tax on agricultural land - Reopening of assessment - Held that:- Levy of wealth tax on agricultural land situated in urban areas or within specified distance of municipal limit has been decided in the case of Tara Singh vs. DCWT (2005 (7) TMI 281 - ITAT AMRITSAR) in which it had been held that on a plain reading of the provisions of W.T.Act, "agricultural land", if situated within the limits of municipal corporation or within 8 km of municipal limits, would be chargeable to Wealth Tax. Since the land in three villages belonging to the assessee fell within the prescribed distance of the municipal limits and no wealth tax return had been filed by the assessee, the AO was justified in coming to the conclusion that wealth belonging to the assessee had escaped assessment. The contention that land in one of the villages mentioned in the reasons recorded was not owned in the relevant previous year does not detract from the action for reassessment taken by the AO since the assessee was owner of land in three other villages which were chargeable to wealth tax. Whether CWT(A) erred in not allowing suitable reduction in the value of land at village Waryana which was low lying and was adjoining to the water body - Held that:- No infirmity in the order of the CWT(A) as there was nothing brought on record by the assessee with regard to claim of rebate of 50% with regard to the land at village Wariana. As regards the valuation of land at village Madhar, the order of the CWT(A) in confirming the action of the AO is based on the rates prescribed by the Tehsildar and accordingly, rightly upheld the order of the A.O. appeal against assessee.
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