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2018 (4) TMI 1560 - AT - Wealth-taxExemption claimed by the assessee u/s 2(ea) of the Wealth Tax Act - land is an urban land - revenue’s case is that the assessee was allotted 600 sq.yards of site which works out to 502 sq.meters and as per proviso to section 5(vi) of Wealth Tax Act, only 500 sq.meters is entitled for exemption u/s 5(vi), hence the assessee is not entitled for exemption - assessee’s case is that as per the sale deed document, the impugned property of 600 sq.yards works out to 500 sq.meters but not 502 sq.meters Held that:- DR could not controvert the findings given by the CWT(A) stating that the impugned land was less than 500 sq.meters. The surveyor report establishes that the impugned land was 594.77 sq.yards which is equivalent to 497.30 sq.meters. In the immediately preceding assessment year, the AO did not make any addition with regard to the value of the property at Yousufguda. Therefore, we do not find any infirmity in the order of the CWT(A) and the same is upheld. This issue is involved for the assessment year 2008-09 and 2009-10 and the appeals of the revenue are dismissed for both the assessment years. Appeals of the revenue are dismissed.
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