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2023 (1) TMI 1037 - AT - Wealth-taxExigibility of 'Urban Land' to wealth tax - wealth Tax Officer considering the property situated at Radha Realtors, which was under construction, as asset within the meaning of section 2(ea) of the Wealth Tax Act. HELD THAT:- As assessee fairly conceded that the ground is decided against the assessee by the decision of the Hon'ble Supreme Court in the case of Giridhar G.Yadalam v. CWT . [2016 (1) TMI 826 - SUPREME COURT] Accordingly, the ground of appeal No.1 raised by the assessee is dismissed. Taxability of the entire land for the purpose of wealth tax - HELD THAT:- We find the AO in the instant case valued the entire land of 1 Acre.03 guntas at Rs.1,40,02,927/- as the value of the asset for the year under consideration. It is the submission of assessee that in view of the decision in the case of Potla Nageswara Rao [2014 (8) TMI 636 - ANDHRA PRADESH HIGH COURT] for the purpose of arriving at the value of the land in question, the land that was transferred pursuant to the development agreement cannot be taken into consideration in the hands of the assessee as there is a transfer within the meaning of section 2(47) r.w.s. 45 of the Act and only the value of the land that has been retained by the assessee of 1067 sq. yards valued at Rs.29,73,920/- can be considered for the purpose of net wealth. Since the lower authorities have not considered the applicability of the decision of the Hon'ble jurisdictional High Court cited(Supra), therefore, considering the totality of the facts of the case and in the interest of justice, we deem it proper to restore the issue to the file of the Assessing Officer with a direction to adjudicate the issue afresh regarding the value of the land in question that has been retained by the assessee and the portion of the land that has been given to the Developers as per the Jt. Development Agreement. The Assessing Officer shall decide the issue as per fact and law after giving due opportunity of being heard to the assessee
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