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2015 (2) TMI 172 - AT - Wealth-taxDeletion of wealth tax - Land an urban land or not - Whether CWT(A), Panaji has erred in treating the company plot of urban land, which is liable for Wealth Tax is outside the purview of definition of assets u/s. 2(ea)(v) of the Wealth Tax Act - Held that:- as per the documentary evidence the land at Survey No.15,16,17,18,20, 21 and 22 is located within jurisdiction of village Panchayat Siridao Goa is not urban land as per definition contained in explanation 1(b)(i) of Section 2(ea). - distance has to be measured by the road and the distance cannot be the aerial distance. - From the definition there is an amendment in Section-2(14) w.e.f 1.4.2014 that the distance has to be measured aerially. The amendment clearly states that amended provisions will be applicable for assessment year 2014-15 and subsequent assessment years. Since the present case pertains to A.Y. 2005-06, the pre amended position would not prevail and as stated earlier the judgments have clearly ruled that distance has to be measured by the road and the distance cannot be taken by aerial distance. "Net wealth" means the amount by which the aggregate value computed in accordance with the provisions of this Act of all the assets, wherever located belonging to the assessee on the valuation date, including assets required to be included in his net wealth as on the date under this Act, is in excess of the aggregate value of all the debts owned by the assessee on the date of value which have been incurred in relation to the said assets. The net wealth is chargeable to tax. In the assessee’s case the net wealth tax that a land situated in any area which is comprised within jurisdiction of a Municipality or a cantonment board and which has a population of not less than ten thousand according to the last preceding census of which the relevant figures have been published before the valuation date and land situated within 8 kms from the local limits of such municipalities or cantonment as the Central Government may specify. In the case of assessee the valuation date is 31st March, 2005 and the last census preceding this date is that in 2001. The land containing Survey Nos.15,16,17,18,20,21 and 22 is situated in Village Panchayat Siridao, Goa. As per certificate the population of the village is 2872 which is less than 10000. The population is confirmed by the certificate obtained from Census Department. Thus, the land situated at Survey Nos.15,16,17,18,20,21 and 22 located within jurisdiction of Survey Nos.15,16,17,18,20,21 and 22 Village Panchayat Siridao-Goa is not urban land. The village Panchayat of Siridao-Goa nearest Municipalities Corporation is the Panaji Municipal Corporation. As per the certificate the Village Panchayat of Siridao-Goa is more than 8 kms. Therefore, we are of the view that the land of Siridao-Goa of the assessee Survey Nos.15,16,17,18,20,21 and 22 is not urban land as per Section 2(ea), therefore, it is not an asset. - appeal of the Department is not decided on merit and Cross Objection is allowed.
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