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2019 (6) TMI 1199 - AT - Wealth-taxWealth-tax assessment - certain assets can be excluded from the net wealth of the assessee - HELD THAT:- When a non-taxable income by mistake is disclosed in the return of income, the same cannot be assessed to tax. The asset not belonging to the assessee or asset which are to be excluded from the net wealth of the assessee cannot be brought to the net wealth for the purpose of Wealth-tax Act though the same has been disclosed by the assessee in the return of wealth by mistake. When the assessee realizes his mistake, certainly the assessee can retract his mistake and raise the contention before the appellate authority that the assets disclosed in the return of net wealth cannot be included in the net wealth for the purpose of wealth-tax assessment. Similar view was held in the case of Raghavan Nair v. ACIT & Anr. [2018 (1) TMI 863 - KERALA HIGH COURT] We are of the view that the matter needs to be considered by the Wealth-tax Officer. WTO shall examine the documents and come to a conclusion whether the claim of the assessee that certain assets should be excluded from the net wealth of the assessee for the Wealth-tax assessment. For the above said exercise, the entire issues raised in these appeals are restored to the Wealth-tax Officer. The assessee shall co-operative with the Wealth-tax Officer and prove his case whether assets needs to be excluded from the net asset of the assessee for the wealth-tax assessment - Appeals filed by the assessee are allowed for statistical purposes.
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