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2016 (1) TMI 1067 - AT - Wealth-taxInclusion of industrial plots and building - wealth tax assessment - Held that:- the assessee has contended that in the Asstt.Year 2005-06, the ld.AO has included the value of the industrial plot in the net assessable wealth of the assessee under erroneous interpretation of the provisions. This addition has been deleted by the ld.CWT(A) vide order dated 20.12.2011 in Appeal No.CWT(A)/XI/32/ ACWT Cir.5/10-11. The ld.AO after taking note of the submissions did not assign any cogent reason to include value of the asset in the net assessable wealth. He determined the value of the asset on rent capitalization method. On appeal, the ld.CWT(A) has followed the outcome of the Asstt.Year 2005-06 and deleted the addition. - Order of CWT(A) sustained - Decided against the revenue.
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