Home Case Index All Cases Wealth-tax Wealth-tax + AT Wealth-tax - 2019 (11) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2019 (11) TMI 1155 - ITAT PUNENet wealth assessment - value of the land as on the date of valuation - whether the same is includable as net wealth in the hands of the assessee in the absence of permission received for construction from the competent authority or any construction being carried out, as on the valuation date ? - HELD THAT:- As decided in own case for AY 2014-15 we direct the Assessing Officer to include the value of the aforesaid lands in the hands of the assessee in the respective years. However, for the purpose of determining the value as on the valuation date, the assessee shall file the valuation report from the Registered Valuer or the Assessing Officer may obtain the necessary valuation report from the DVO in this regard and compute the net wealth and Assessing Officer is also directed to allow the value of debts as on the dates of purchase of plot in the hands of the assessee, if still outstanding. Fair Market Value (FMV) of the land owned by the assessee, as on the date of valuation, was to be included in the hands of the assessee - assessee is also aggrieved by the order of CWT(A) in not allowing the deduction of debts accrued - HELD THAT:- The said issue also stands squarely covered by our decision in own case which was an appeal filed by the Revenue as the CWT(A) in those cases had allowed the claim. Value of the lands to be adopted and the costs of the debts to be allowed - HELD THAT:- In line with our directions above in the case of Rajendra M. Developers and Builders Pvt. Ltd., Assessing Officer shall compute the value of the said land as on the date of valuation of the lands in line with our directions in paras above and also allow the claim of the debts against the value of the property after due verification and if still outstanding. Thus, all these appeals filed by the assessee are allowed for statistical purposes. Escapement of wealth - notice u/s 17 of WT Act - reasons recorded for re-opening - HELD THAT:- We have in the paras above held that the lands owned by the assessee are taxable wealth and to be included in the hands of the assessee, then the claim of the assessee that the aforesaid agricultural lands were exempt from wealth tax do not stand. In any case, no such plea was raised before us. Time and again the assessee pleaded that the lands in question were not ‘urban-land’. We have already decided the issue that the value of the said lands were includable in the hands of the assessee as on the valuation date. In such circumstances, we uphold the initiation of assessment proceedings in the hands of the assessee and dismiss the grounds raised by the assessee
|