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2016 (11) TMI 63 - AT - Wealth-taxExemption of the value of the plot to the extent of 500 sq. mts under section 5(1)(vi) of the Wealth Tax Act - CIT(A) treating it as a basic exemption limit and deleting the addition made by the A.O. in respect of such limit - Held that:- It is an asset being plot of land comprising of an area of 500 sq. mts or less which is exempt from tax and not up to 500 sq. mts or less. Therefore, the finding of the CWT(A) is not tenable since the assessee possesses the plot of land consisting of 935 sq. yards. Further, we find that the CWT(A) has followed the decision of ITAT in the case of Shri Sunil B. Handa in WTA. [2012 (7) TMI 634 - ITAT, AHMEDABAD ] for giving relief to the assessee. On perusal of the order of the Tribunal, we find that the Tribunal was concerned with the allowability of exemption of the value of a residential house on a plot of land under section 5(1)(vi) and while giving a finding that the exemption is not allowable in the said case as the construction of the house was not complete, the Tribunal has allowed exemption of the value of the plot upto 500 sq. Mts. Thus, the facts of the said case are distinguishable from the facts of the case before us as we are concerned with the allowability of exemption under the proviso to section 5(1)(vi) of the Wealth Tax Act. Therefore, the stand of the Assessing Officer is upheld and the Revenue’s appeals for all the assessment years are allowed. Further, the issue of addition of value of car is not adjudicated by the CWT(A) and is also not contested by assessee before us. Therefore, the assessment order on this issue also attained finality. Therefore, the Revenue’s appeals for all the assessment years are allowed.
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