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2016 (7) TMI 659 - AT - Wealth-taxWealth tax assessment on the properties owned by the assessee - as assessee’s contention that the properties cannot be considered to be an asset within the meaning of term asset as “wealth” defined under Wealth Tax Act - Held that:- We find that the ld.CWT(A) while deleting the addition has given a finding that assessee was receiving rent from the profits which has been considered by WTO as “wealth” and the properties were covered under Exception four –Section 2(ea)(i)(4) & (5) of the Act. Before us, Revenue has not placed any material on record to controvert the findings of ld.CWT(A). As far as Revenue’s ground with respect to admission of additional evidence in violation of Rule 46A is concerned, we find that Revenue could not point out the documents which have been considered by ld.CWT(A) and were in the nature of additional evidences. In view of the aforesaid facts, we see no reason to interfere with the order of ld.CWT(A) and thus the grounds of Revenue are dismissed. - Decided in favour of assessee
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