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2016 (9) TMI 186 - ITAT HYDERABADNature of land - whether the said lands fall within the definition of ‘Urban land’, so as to bring it to wealth tax? - Held that:- The issue whether the said lands fall within the definition of ‘Urban land’, so as to bring it to wealth tax require re-examination by the Assessing Officer in the light of the fact that Bachupally village is not in the Qutubullapur Municipality and also not one among the 8 Gram Panchayats notified in 16.04.2007 notification. Moreover, the said notification was also cancelled and later developments indicate that the said village is still outside GHMC limits. So the Assessing Officer is directed to examine all aspects afresh, after giving due opportunity to the assessee.. In case the lands in question are not ‘Urban Lands’ for the purpose of Wealth Tax, Assessing Officer is free to drop the proceedings by passing a well reasoned order. With these observations/directions, the orders of Assessing Officer and CIT(A) are set aside and the assessment of wealth is restored to Assessing Officer for fresh consideration.
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