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2016 (4) TMI 941 - AT - Wealth-taxAgriculture land situated within the limits of Municipal Corporation of Amritsar - whether CWT(A) has erred in holding that the agriculture land situated within the limits of Municipal Corporation of Amritsar is not taxable thereby allowing the relief by ignoring the provisions of section 2(ea) of the Wealth-tax Act whereby w.e.f. 1.4.93, the urban land is included in the definition of “assets”? - Held that:- As per proviso to clause (b) of Section 2(ea), the land which is classified as agricultural land in the record of the government and used for agricultural purposes will not be considered as an asset for the purpose of wealth tax. In its written reply before the Assessing Officer, the assessee stated “Agricultural land measuring 28K. 10 Marla situated Village Sultanwind as the land is used for agricultural purpose and land as per revenue record is agricultural land”. The Assessing Officer has not controverted the above statement of the assessee that the land is agricultural land in the revenue record and has been used for agricultural purposes. Learned DR has requested for setting aside the matter to the file of the Assessing Officer for verification of the above fact. We find that the assessee has stated these facts before the Assessing Officer which have not been controverted. Moreover, the assessment year under consideration is 2000-01 i.e., being more than 15 years old and the tax effect is less than ₹ 1 lakh. Considering all these facts, in our opinion, it would not be a fit case for setting aside the matter to the file of the Assessing Officer for verification. In view of the above facts, we accept the assessee’s contention that in respect of the land under consideration, the proviso to Section 2(ea)(b) would be applicable and the same would not be chargeable to wealth tax. Thus, the order of learned CIT(A) is sustained - Decided against revenue.
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