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2020 (10) TMI 858 - AT - Wealth-taxWealth tax assessment - Validity of reopening of assessment - sustaining the addition made by the AO under Wealth Tax Act - HELD THAT:- AO has mentioned in the assessment order that he has duly recorded the reasons and the same was served upon the assessee. This observation of the AO, in the absence of any other contrary material, has to be considered as true. Before us also, the assessee did not furnish any material to disprove the observations made by the AO. Accordingly, we agree with the view taken by Ld CIT(A) that the AO has followed correct procedure for reopening the assessment. Addition of value of plot and the value of construction under progress - CIT(A) took the view that the value of building under construction is not exigible to Wealth tax - HELD THAT:- A careful reading of the provisions of sec.5(1)(vi) would show that it provides exemption of one house or part of a house or a plot of land. Hence exemption shall be available only for any one of the items mentioned in sec.5(1)(vi) of the Act, i.e., either for one house or for part of house or for a plot of land. If the assessee have already claimed exemption of one house, then, in our view, they cannot claim exemption for plot of land separately in addition to the house. A proviso is not a separate or independent enactment as contended by Ld A.R, but it should be read along with the main provision as a whole, i.e., in construing an enactment containing a proviso, it is proper to construe the provisions together without making either of them redundant or otiose. A proviso must, therefore, be considered in relation to the principal matter to which it stands as a proviso. It cannot be considered as an independent provision foreign to principal provision itself. We hold that the assessee cannot avail exemption for a plot of land, even if it is having an area of less than 500 sq. mts or less, if he had already claimed exemption of one house u/s 5(vi) of the Act. If the assessees have not claimed exemption of house, then they are entitled to claim exemption of either one house or part of a house or plot of land. We do not find merit in the contentions of the assessee and accordingly reject the same. - Decided against assessee.
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