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2021 (1) TMI 973 - ITAT DELHIWealth tax assessment - additions in the valuation of jewellery - gross weight of jewellery as on 31.02.2012 declared in the wealth tax return was different from the gross weight of jewellery as on 31.03.2013 - HELD THAT:- As during the course of search and subsequent opening of lockers the jewellery of all the family members were mixed up and valued, therefore, for the adjudication of this quarrel, we have considered the gross weight of jewellery of all the family members taken together as declared by them in their respective Wealth Tax Returns and as found at the time of search. No suppression in the valuation of jewellery and, therefore, enhancement made by the CIT(A) on this account is bad in facts and deserves to be deleted. We direct the WTO to delete the impugned enhancement in the value of jewelery from the hands of all the appellants. Enhancement in the valuation of property - Denial of exemption u/s.5(vi) of the Wealth Tax Act - It would be pertinent to mention here that the claim of exemption is being allowed to the appellants in earlier assessment years and it is only in the orders under consideration, the CIT(A) thought that the appellants are not eligible for the claim of exemption. The basis of reasoning given by the CIT(A) is that D-6/5, Vasant Vihar and E-27, Vasant Marg, New Delhi consists of more than one residential unit and, therefore, the appellants are eligible for exemption for only one residential unit. We find that D-6/5, Vasant Vihar and E-27 Vasant Marg, New Delhi are multi storey building. At this point we would like to refer to the decision of the Hon’ble Kerala High Court in the case of CIT Vs. Nazima Nizam 64 taxman 375 wherein the Hon’ble High Court allowed the exemption in respect of assessee’s building which consisted four shop rooms. In the property D-6/5, Vassant Vihar, Lata Goyal is the owner of ground floor and first floor belongs to Monila Goyal and second floor belongs to Lata Goyal and Kanti Kumar Goyal E-27, Vasant Marg is owned by Lata Goyal. Lata Goyal has claimed exemption in respect of E-27, Vasant Marg and has included the value D-6/5, Vasant Vihar in her Wealth Tax Return. Treating a multi floor house as separate units is incorrect and, therefore, denial of the claim of exemption by CIT(A) thereby enhancing the value of property is bad in law and deserves to be deleted. Direct the WTO to delete the impugned addition of enhancement in the valuation of property from the hands of the appellants.
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