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2016 (1) TMI 210 - AT - Wealth-taxReduction of debt for working out the net wealth of assessee - AO framed the wealth tax assessment at Rs. nil value after taking into consideration of loan taken for the said land & building of assessee. However, Ld. CIT opined that the loan is not reflected in the balance-sheet of assessee. So the order of AO is erroneous and prejudicial to the interest of Revenue - Held that:- we find force from the submission made before us including the audited balance-sheet of company by the assessee, where the loan declared by assessee has been duly reflected in its balance-sheet. Hence, there is no ambiguity from the financial statement of assessee regarding the loan value of ₹ 71 lacs. The Ld. CIT has misunderstood from the balance-sheet filed by assessee that there is no loan liability on the said land & building of assessee. In view of above, we reverse the order of Ld. CIT and issue raised by assessee in this appeal is allowed accordingly. - Decided in favor of assessee.
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