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2021 (5) TMI 820 - AT - Wealth-taxWealth tax assessment - Computation of net wealth - AO while determining the value of the assets and net wealth, as considered the photographs of the property/assets submitted by the Assessee and the value of the entire assets including the land and building as determined by the Sub-Registrar, Visakhapatnam who had adopted a comprehensive value of ₹ 1.95 crores for both the land and structures vide registration deed dated 20/02/2008 - HELD THAT:- Commissioner considered the Form No. 23AC submitted by the Assessee to the ROC and observed that from the record, it is seen that small structure standing on the piece of land is in dilapidated condition and the photographs of the property confirms the position. Assessee failed to demonstrate the fact that the structure was used for business purpose. Assessee failed to prove the point that the relevant property was utilized for business purpose. The Ld. Commissioner further held that it is not the case of the Assessee that the property was used for residential purpose or any other meaningful purpose. Ultimately, the ld. Commissioner observed that small and dilapidated structure of the Assessee is not functionally useful and was neither utilized for business purpose nor residential purpose and therefore, the AO is justified in stating that given the size of the land/plot, section 5(1)(vi) is attracted Nothing specific was pointed out to fault the determination of the value of the assets and therefore we concur the finding of the ld. Commissioner to the effects that the case of the Assessee does not fall in the category of house and the land appurtenant to the house. We are unable to find out any reason to controvert the finding of the authorities below, hence, we do not any hesitation to hold that the order under challenge does not suffer from any perversity, impropriety or illegality, consequently, the same is liable to be upheld. Appeal of the Assessee deserves dismissal.
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