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2015 (10) TMI 263 - AT - Wealth-taxReopening of wealth tax assessment - non declaration of property - ownership dispute - Held that:- though the assessee has disputed his ownership right over the property but he has failed to bring any evidence on record to show that there is any legal dispute with regard to the ownership of the property pending before any Court of law. On the other hand, the documents available on record clearly establish assessee’s ownership over the property. - Additions confirmed. - Decided against the assessee. Commercial property or not - Urban Land - asset has not been shown in the return of wealth - Held that:- after the amendment of the definition of urban land by the Finance Act, 2013 with retrospective effect from 01.04.1993, land classified as agricultural land in the records of the Government and used for agricultural purpose is outside the purview of urban land. - the nature and character of land in question remained agricultural as on 31.03.2008 as the conversion of land from agriculture to non-agriculture took place only on 27.01.2009 i.e., in the assessment year 2009-2010 - the land having been classified as agricultural land in the records of the Government for the relevant period and used for agriculture, it cannot be treated as urban land. - No addition - Decided in favor of assessee.
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