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2015 (10) TMI 799 - AT - Wealth-taxAddition on account of Flat at Goa to the net wealth of the assessee - CIT(A) deleted the addition - Held that:- It is undisputed that the assessee owned only one flat at Goa which was a residential property. Section 5(1)(vi) of Wealth Tax Act provides an exemption to one house or a part of a house or a plot of land under the section for an individual or HUF. In the given facts and circumstances the assessee deserves for this exemption. The Revenue has failed to bring any contrary facts on the grounds.Keeping all these facts in view, we find no infirmity in the order of the CWT(A). - Decided against revenue. Addition of various outstanding balances shown with various parties - CIT(A) deleted the addition - Held that:- After hearing we hold that these balances were in the nature of commercial transactions which are not taxable under the Wealth Tax Act, 1957. It is also pertaining to note that such outstanding balances were never brought for the taxation under W.T. Act by the Assessing Officer either in preceding or in any succeeding years. Therefore, on account of rule of consistency also, assessee deserves for relief, which has been rightly granted by the CWT(A). Considering all these aspects, we find no fault in the order of the CWT(A). - Decided against revenue. Addition of ₹ 60 lacs made by the Assessing Officer on account of factory Land at Namoli, Surajpur of ₹ 50 lacs and factory land and building at Namoli, Surajpur of ₹ 10 lacs - Held that:- Estimating value of the asset AO has not taken help of any valuation report. Further valuation is necessary to arrive at the correct value of the assets. AO has not done so. In view of these facts, we remand the issue back to the file of Assessing Officer. - Decided in favour of assessee for statistical purposes.
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