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2019 (11) TMI 1121 - AT - Wealth-taxNet Wealth determination - valuation of property - Fair market value versus Circle rate - It was submitted that, assessee was not even in a position to avail the loan against this property, as the said land had encroachments on it - HELD THAT:- In the absence of production of any material in support of the assessee’s contentions, the AO has adopted the circle rate available in www.tnreginet.net as the market value and assessed the value for each of the impugned assessment year. The ld.CWT(A) has held that the assessee canvassed certain factors for adoption of lower value, however, he has not proved either to the satisfaction of the AO or to the satisfaction of the ld CWT(A) that what is canvassed by him is the fact and hence he upheld the action of the AO for the assessment years 2007-08 to 2012-13, respectively. Even before us also, the assessee has not placed any material in support of his contentions. Therefore, we do not find any reason to interfere with the orders of the ld.CWT(A), supra, and hence dismiss all these assessee’s appeals.
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