TMI Blog2020 (11) TMI 73X X X X Extracts X X X X X X X X Extracts X X X X ..... TMI 926 - BOMBAY HIGH COURT] .Thus, considering that factually, the CITA on verification found that the land falls within the prohibited zone CRZ III category. - Decided against the revenue. - Tax Case Appeal Nos.683 to 686 of 2019 And CMP.Nos.20476, 20477 & 20479 of 2019 - - - Dated:- 1-10-2020 - Mr. Justice T.S. Sivagnanam And Mrs. Justice V. Bhavani Subbaroyan For the Appellant : Mr.J.Narayanasamy, SSC For the Respondent : Mr.A.S.Sriraman COMMON JUDGMENT T.S.SIVAGNANAM, J. These appeals, filed by the Revenue under Section 27A of the Wealth Tax Act, 1957 (for short, the Act), is directed against the common order dated 08.2.2019 made respectively in ITA.Nos.18, 20, 17 and 19/Chny/2018 on the file the Income T ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... one (CRZ) and as it falls under the category CRZ III . 5. In the assessee s own case for the assessment years from 2005-2006 to 2007-2008 the Tribunal rejected the Department s appeals on the ground of low tax effect. The Revenue carried the matter by way of appeals to this Court contending that the matter arose under the Wealth Tax Act and the relevant circular of the Central Board of Direct Taxes relied upon by the assessee was inapplicable. By common judgment dated 30.9.2020 in TCA.Nos.622 to 624 of 2018 , we rejected the said contention raised by the Revenue and dismissed the appeals filed by the Revenue. 6. In the said common judgment, we dealt with the merits of the claim and held in favour of the assessee on the followi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... that would have been chargeable had such Net Wealth been reduced by the amount of wealth in respect of the issues against which appeals is intended to be filed. However, the tax will not include any interest thereon, except where chargeability of interest itself is in dispute. In case the chargeability of interest is the issue under dispute, the amount of interest shall be the tax effect. In case of penalty orders, the tax effect will mean quantum of penalty deleted or reduced in the order to be appealed against B. Para 11 of the circular shall read as follows: The monetary limits specified in para 3 shall not apply to writ matters. 4. The said extension of the Circular to wealth tax appeals shall come into effect from th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... which falls within CRZ limits. 8. The assessing officer did not agree with the same, however, the Commissioner of Income Tax [Appeals] - 15 Chennai, [for brevity, 'CITA'] agreed with the assessee by taking note of the fact that the property falls within the CRZ III Category and the agreement of sale, which was entered into by the assessee was cancelled on 04.06.2005 since at the time of entering into an agreement, the parties were not aware that no construction can be put up on the land. 9. The CITA has recorded the factual finding that the land, which is unbuiltable under any law for the time being in force, is not an urban land and as such, is not an asset within the meaning of Section 2(e) (a) of the Wealth Tax Act. The ..... X X X X Extracts X X X X X X X X Extracts X X X X
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