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2016 (5) TMI 45 - AT - Wealth-taxAddition of urban land to the net wealth of the appellant-company - Held that:- It is assessee’s contention that assessee has incurred substantial expenditure on construction of factory building and in subsequent years the business of the assessee is being shown from that building. It is also assessee’s submission that it had furnished the details of the construction expenses of factory building which has not been considered by CIT(A). Before us, Revenue has not placed any material on record to controvert the submissions of ld. A.R. We further find that there is no finding of ld. CIT(A) on the issue of incurring of expenses by assessee on the construction of factory building. In such a situation, we are of the view that the issue needs to be re-examined by ld. CIT(A). We, therefore, restore the issue to the file of ld. CIT(A) to decide the issue afresh after considering the submissions of assessee and in accordance with law. Needless to state that ld. CIT(A) will grant adequate opportunity of hearing to both the parties. Assessee is also directed to furnish promptly all the details called for by the authorites. Thus, the issue is set aside to the file of ld. CWT(A) without deciding the issue on merit. - Decided in favour of assessee for statistical purposes
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