Home Case Index All Cases Wealth-tax Wealth-tax + AT Wealth-tax - 2019 (4) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2019 (4) TMI 1546 - ITAT VISAKHAPATNAMWealth tax assessment - Taxability of flat as rented out for complete financial year - assessee submitted that the flat was let out for more than 300 days in the impugned assessment year and the rental income was admitted on actual basis - HELD THAT:- There was no evidence brought on record by the AO to establish that the flat was let out for less than 300 days or the assessee had under stated the rental income, thus the addition was made purely on suspicion. As per law, the AO is not permitted to make any addition on presumptions and surmises unless there is a material on record to show that the flat was not let out for more than 300 days. In the instant case, there was no evidence, hence, the addition made by the AO is unsustainable, accordingly, we uphold the order of the Ld.CIT(A) and dismiss the appeal of the revenue. Reopening of assessment for escapement of wealth tax - vacant land situated at Rajahmundry consisting of one acre of agricultural land - HELD THAT:- On identical facts for the A.Y. 2010-11 to 2013-14 in the assessee’s own case this Tribunal held that the said land is agricultural land and has no application of section 2(ea) of W.T.Act . CWT(A) by considering the pattaadaar pass book, sale deed and balance sheet, gave a categorical finding that the land is an agricultural land and section 2(ea) has no application.
|