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2017 (3) TMI 1603 - AT - Wealth-taxNet wealth determination - valuation of assets - conversion of land - nature of land as agricultural land - Held that:- Sri A R Narendranath made two applications dt 25.9.2006 for the conversion of non-agricultural & Residential and Non-agricultural and industrial purposes and followed it by paying huge sums viz ₹ 4,75,952/- & ₹ 3,39,823/-, on 26.11/28.12.2006, respectively, for the conversion and the conversion is granted on 06.10.2006 & 24.11.2008 , respectively by an officer at the level of Special Deputy Commissioner. The order also elaborately mentions the conditions and the directions to the concerned authorities for doing all that is required in connection with the conversion. One of the conditions is that the land can not be used for any other purpose than the purpose for which the conversion was granted. Thus , it is clear from the totality of the facts and circumstances mentioned above that the assessee had no intention to use the impugned land as an agricultural land. On the other hand, wanted it to be non agricultural land , pursued it and converted it as non agricultural land . The Government on due consideration allowed the conversion and classified the impugned land as non agricultural land or classified it as the land for Residential and Industrial use as sought by the assessee. Thus, the impugned land is not an agricultural land after 26.11/28.12.2006, respectively, and hence the assessee’s other plea that it was put to agricultural use is not relevant. The impugned land is an asset under Wealth Tax. We have considered the assessee’s plea on the valuation and gone through the assessment order. The AO has considered the valuation report furnished by the DVO who himself has valued the asset after considering the assesse’s objections, sent the assessee’s objections to the VO , considered the VO’s reply and then passed his orders .- Decided against assessee.
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