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2018 (7) TMI 144 - ITAT VISAKHAPATNAMWealth tax assessment - Agriculture Land / stock-in-trade - AO brought the same to section 2(ea)(b) of the Wealth Tax Act on the ground that the land was converted into non-agricultural land - Held that:- CWT(A) himself accepted that the land has already been converted into non-agricultural and the same has shown as stock-in-trade. Once assessee has treated the land which is in dispute is stock-in-trade, it has to be treated as business asset. Simply because assessee is not offered income from real estate, nature of the asset cannot be changed. Therefore, we allow this ground of appeal raised by the assessee. House site at Tenali to the extent of 1400 sq.ft. - Held that:- he assessee has valued the property at ₹ 11.50 lakhs. The Assessing Officer has adopted the market value, based on the SRO’s value of ₹ 34,02,000/-. On appeal, ld. CWT(A) confirmed the order of the Assessing Officer. Before us, the assessee has not brought any material on record to show that why SRO value adopted by the Assessing Officer is not correct. Therefore, we find no infirmity in the order passed by the ld. CWT(A). Ground of appeal raised by the assessee is dismissed. Land to the extent of 2.08 acres at Kalakkal, Medak District - assessee claimed it as an agricultural land and sought exemption - Held that:- In this case, Assessing Officer has not examined whether the land is an agricultural land or not. The assessee also failed to produce the relevant material before the Assessing Officer in this regard. Insofar as non-conversion of agricultural land is concerned, this aspect is not considered by the Assessing Officer. Under these facts and circumstances of the case, we are of the opinion that the entire issue involved in this appeal has to be re-examined after considering the relevant material. Therefore, we set aside the order passed by the ld.CWT(A) and remit the matter back to the file of the Assessing Officer to adjudicate this again Flat situated at Chandanagar - Market value assessment - assessee contended before the Assessing Officer that the said flat was let out for 300 days and the same is exempt under section 5 & 6 of the Wealth Tax Act - Held that:- CWT(A) scaled down the market value of rent at 5,000/- per sq.yard in relation to structure and directed the Assessing Officer to value the same at ₹ 14,40,000/-. Both the Assessing Officer and the ld. CIT(A) have not considered the submissions made by the assessee with regard to exemption claimed under section 5 & 6 of the Wealth Tax Act. The assessee contends that once the property was let out for more than 300 days, the Revenue without examining the fact, brought to tax the value of the asset. Therefore, we deem it fit to send the issue back to the file of the Assessing Officer to verify the facts
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