Home Case Index All Cases Wealth-tax Wealth-tax + AT Wealth-tax - 2013 (8) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2013 (8) TMI 55 - AT - Wealth-taxInclusion of asset for wealth tax - Validity of re-assessment – Held that:- Re-assessment proceedings were initiated after the period of four years from the assessment year in question. As per the settled principle of taxation jurisprudence if an assessment is to be re-opened after a period of four years, the first condition is that there should be failure on the part of the assessee to disclose full and true all the necessary facts. Not only this, the AO should mention in the reasons recorded about the alleged failure and has to explain as which material facts were not disclosed by the assessee – Decided in favor of Assessee. Assessee to be owner of land - Held that:- Even on merits, the order of the AO/FAA cannot be endorsed. It is a fact that assessee had sold a plot of land to one developer and except for the conveyance deed all legal formalities were completed. Therefore, the assessee could not be treated as owner of the said plot of land – Therefore, no wealth tax – Decided in favor of Assessee.
|