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2019 (8) TMI 1091 - ITAT COCHINWealth tax assessment - asset as business asset and not liable for wealth tax - whether 4 6.102 cents of land at Palarivattom, Kochi is not chargeable to wealth tax on the ground that the same was used for parking of vehicles belonging to the employees of the assessee company and hence was a business asset? - admission of additional evidence - HELD THAT:- The affidavit filed by the assessee is a fresh document which was not made available with the lower authorities and it is required to be examined by the Assessing Officer so as to find out whether the impugned land has been used as parking space for the employees of the assessee-Company. It is the duty of the assessee to prove the impugned landed property is a business asset when the assessee claimed it is not liable for wealth tax. On the other hand, the CIT(A) observed that the Assessing Officer has to prove it which is not correct. We vacate this finding of the CIT(A). Since the assessee has filed affidavit which was not made available to the Assessing Officer on earlier occasion, we direct the Assessing Officer to carry out necessary enquiries regarding possibility of using the impugned land as parking space for the employees of the assessee and if the land is used as parking space for the employees of the assessee-Company, then the Assessing Officer should treat the said asset as business asset and not liable for wealth tax. With this observation, we remit this issue to the file of the Assessing Officer for fresh consideration. Thus, the grounds of appeals of the Revenue are partly allowed for statistical purposes.
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