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2019 (5) TMI 440 - ITAT AHMEDABADWealth Tax Liability - Whether vehicles reflected in the balance sheet are chargeable to wealth tax? - assessee has not filed Wealth Tax Return for the A.Y. 2009-10 hence, the case was reopened - difference finding of statement of wealth chargeable to tax and ultimately net wealth tax liability has been computed by the AO - appellant has not demonstrated that vehicle have been purchased out of loan, and the loan outstanding is more than the value of vehicle? - Since the appellant company has not been able to quantify the debt outstanding against the vehicle, plea of the assessee that the cash credit account has been used to purchase the said vehicle was, therefore, not accepted by the CIT(A) and thus at the time of hearing, the Learned Counsel further prays for the issue to be set aside to the file of the Learned CIT(A) to verify the same afresh - HELD THAT:- It fit and proper to set aside the issue and to restore the same to the file of the CIT(A) for fresh adjudication of the matter as indicated above. We further direct the CIT(A) to consider the relevant record in support of the claim of the assessee which is also part of the record before us and also to take into consideration, the details of the accounts and/or relevant evidences which the assessee may choose to file in support of his claim at the time of hearing of the appeal. Hence, the assessee’s appeal is allowed for statistical purposes.
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