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2016 (4) TMI 1114 - AT - Wealth-taxBasis of valuation - determination of value of assets - Held that:- In this case, the assessee has produced all the records including the agreement between the API & that the assessee company, the confirmation as well as the affidavit categorically stated that the land was only acquired by the assessee company and the same will be given only to API & for that ₹ 20,000/- per acre will be given to the assessee company by API. This fact was never denied or tested by the Assessing Officer. The assessee was never the owner of the land and thus the valuation in respect of Wealth Tax was incorrectly done by the Assessing Officer. The CIT (A) has taken into account all these aspects and passed proper order. Therefore, the appeals of the Revenue do not survive. - Decided in favour of assessee
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