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Wealth-tax - Case Laws
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2023 (1) TMI 1039
Wealth tax assessment - "assets" within the meaning of Section 2(ea) of the Wealth Tax Act - assessee submitted that the land at Sakarda which is an agricultural land, hence not an asset within the meaning of explanation (1)(b)(ii) to Section 2(ea) of the Wealth Tax Act - AO held that the land was situated within the distance of 2-3 k.m. from the municipal limits of Vadodara and the assessee failed to establish the said land was used for agricultural purpose and therefore added as an asset for Wealth Tax purpose - HELD THAT:- The findings of the Ld. CIT(A) in the penalty proceedings that the land at Sakarda is treated as business asset not liable to Wealth Tax. Similarly, the land at Kapurai wherein the assessee is the Power of Attorney holder and agreement to sell the above land to third party. Thus the assessee is not the owne....... + More
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2023 (1) TMI 1038
Addition of wealth of the assessee on account of immovable property - valuation of property - value as per the provisions of wealth tax Act or the value of the property declared in the income tax return - As submitted that the value of the property in dispute has to be determined in the manner laid down in part B of schedule III of the Wealth Tax Act - whether the property for the purpose of wealth tax has to be valued as per the provisions of wealth tax Act or the value of the property declared in the income tax return can be adopted for the purpose of the wealth tax? - HELD THAT:- As no ambiguity to the fact that the assessee has furnished the necessary details before the AO during the assessment proceedings. However, the AO without pointing out any defect in the details furnished by the assessee has adopted the value of the bungalow in....... + More
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2023 (1) TMI 1037
Exigibility 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....... + More
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2022 (12) TMI 1240
Wealth tax assessment - Nature of land - “urban land” - land was converted for non-agricultural purpose - whether sanction of conversion of land for non-agricultural purposes would change the nature of land when the land is continued to be held as agricultural land by the appellant as on the valuation date? - urban land as classified as agricultural land in the record of the Government and used for agricultural purposes - HELD THAT:- Records of Right placed before us prima facie demonstrate that name of Shri. A.R. Narendranath is found in the Government Record. So far as use of the land for agricultural purposes is concerned, it is recorded in the Valuation Report dated November 28, 2014 prepared by Shri. V. Vellaichamy, District Valuation Officer of the Income Tax Department. Thus, according to the Valuation Officer, there we....... + More
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2022 (10) TMI 556
Valuation of gifted shares - valuation of shares in lock-in period as per the provisions of Schedule III of the W.T. Act. - rules for determining the value of a gifted property under Gift Tax Act - HELD THAT:- The shares in the lock-in period have market value, which would be the value that they would fetch if sold in the open market. Rule 21 of Part H of Schedule III of the W.T. Act permits valuation of the property even when the right to transfer the property is forbidden, restricted or contingent. Rights and limitations attached to the property form the ingredients in its value. The purpose is to assume that the property which is being valued is being sold, and not to ignore the limitations for the purpose of valuation. This is clear from the wording of Rule 21 of Part H of Schedule III of the W.T. Act, which when read carefully expres....... + More
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2022 (9) TMI 1052
Wealth tax assessment - addition being the value of the buildings (staff quarters) and an amount being the market value of the WDV at the beginning of the year of the vacant land - HELD THAT:- As submission of assessee that the assessee is covered by the exception stated in Explanation1 of the clause (i) of section 2(ea) of the Wealth Tax Act, 1957, there is no vacant land belonging to the assessee and the entire land is being used for industrial purposes. It is also his submission that if the additional evidences now filed are admitted, the same will substantiate that the assessee is not liable for any wealth tax. Since the additional evidences filed before us were neither produced before the Assessing Officer or the CWT (A) and since these additional evidences go to the root of the matter for deciding the appeal, therefore, considering ....... + More
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2022 (9) TMI 673
Wealth tax assessment - land sold by the assessee was an agricultural land or capital asset - HELD THAT:- Respectfully following the decision of the Tribunal in assessee’s own case in income tax matter [2019 (1) TMI 1989 - ITAT CHENNAI] as well as amendment to sub-clause (b) of Explanation 1 to clause (ea) of the Wealth Tax Act, 1957, we are inclined to uphold the view of the ld. CIT(A) that the land sold by the assessee was an agricultural land and not a capital asset. Therefore, the gain on sale thereof was not exigible to tax. Thus, the ground raised by the Revenue is dismissed for all the assessment years under consideration. Assessing the property at Velachery as ‘Urban land’ liable to Wealth Tax - CIT(A) has observed that the land at Velachery cannot be construed as an “Urban land” under section 2(ea)(v....... + More
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2022 (9) TMI 618
Reopening of wealth tax assessment - Escaped assessment of wealth chargeable to tax - urban land as provided under Wealth tax Act - Whether property in question is exempt under the Wealth tax Act as the alleged plot in question was not exceeding 500 sq.mts in area and it is exempt u/s. 5(vi) of the Act ? - HELD THAT:- We find force in the contention of the Ld. AR as both the properties in question as stated in impugned order does not fall under the definition of asset(s) u/s. 2(ea) of the Act and falls under exempted asset under the definition of Wealth tax Act and accordingly we direct the Authority below to delete property(s) in question from the preview of net wealth for calculating the wealth tax, since we find that property(s) in question were exempted properties under the provisions of Wealth tax Act and does not attract any Wealth tax as determined by the Authority below. Appeal filed by the assessee is allowed.
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2022 (9) TMI 617
Reopening of wealth tax assessment - Escaped assessment of wealth chargeable to tax - assessee was liable for wealth tax but has not filed wealth tax returns - HELD THAT:- As the assessee has not furnished true particulars of wealth, we are of the considered opinion that the Assessing Officer has rightly reopened the assessment. Accordingly, the ground raised by the assessee is dismissed for both the assessment years. Land in question as an agricultural land - Going by the stand of the assessee, if the land in question is under land acquisition and notification for acquisition has been passed by the Government then how the assessee has shown the asset in the books of account. Secondly, on perusal of the reply of the assessee, AO has found that the names of the previous owner of the property are different than that of the names given by th....... + More
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2022 (9) TMI 616
Wealth tax assessment - Nature of land sold - Valuation of land - Joint ownership - HELD THAT:- As property was held in joint names, however, for all practical purposes, the assessee was the sole owner of the property. All the other joint owners were former employee having no source of income. In fact, the assessee himself claimed Long Term Capital Loss on entire property while filing its Income Tax Returns. The same was also affirmed by the assessee in sworn statement which was never retracted. Even before constitutional authority, the assessee was declared to be the sole owner of the land. All these circumstantial evidences would show that the assessee was the sole owner of the land and other co-owners were namesake owners to avoid the provisions of Land Ceiling Act. Therefore, we find no infirmity in the impugned order on this issue. P....... + More
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2022 (9) TMI 615
Net wealth estimation - nature of the land sold - Whether land is required to be treated as agricultural land irrespective of the fact, it is situated in urban area? - HELD THAT:- Undoubtedly, the urban land has been defined under the Act under clause (b) of Explanation 1 to clause (ea) of Section 2 of the Act. From the perusal of the above definition, it is clear that the land though situated in the urban area, but it would not be classified as an urban land, if the land continues to be reflected in the government record as agricultural land and land being used for agricultural purposes. CWT(A) was required to seek a report from the Revenue Authority and find out whether during the relevant period the land purchased by the assessee continues to be agricultural land in revenue records or not and further it was used for agricultural purpos....... + More
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2022 (9) TMI 614
Wealth tax assessment - Addition in hand in excess as part of the balance sheet and business asset not taxable under the provisions of Section 2(ea) of the Wealth Tax Act - CIT(A) deleted the addition by holding that the Assessee, an individual is engaged in the business and once he is maintaining the books of accounts and cash in hand is in the books of accounts, the same being business asset cannot be added under the provisions of Section 2(ea) - HELD THAT:- As the issue is squarely covered and the Assessee’s cash in hand pertains to business and is kept as cash in hand as in the balance sheet of the business of the Assessee, the same cannot be treated as an asset u/s.2(ea) of the Act. Hence, this issue in the Revenue’s appeal is dismissed. Addition made on account of the urban land at T.Nagar, Chennai - Once the building is....... + More
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2022 (8) TMI 158
Reopening of Wealth tax assessment - Treating lands at Vastrapur and Rancharda as urban lands - assessee had not included the urban land cost and cash in hand after exemption for wealth chargeable to Wealth Tax - HELD THAT:- It is pertinent to note that the said land and the details given by the assessee before us were only related to Talati Certificate which is undated. The other documents which were before us and before the CIT(A), as contended by the assessee, are not showing that the said land were not coming under the urban land definition. AR further contended that the reasons were not supplied to the assessee by reopening the case but since the very basis of reopening was related to the urban land, the assessee was very much aware about the reasons upon which the reopening was made by the Revenue Authorities. Thus, the reopening is....... + More
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2022 (7) TMI 304
Wealth tax Assessment - assets" under section 2(ea) of the Wealth Tax Act - interpretation of section 2(47)(v) of the Income-tax Act - whether Tribunal was correct in law in holding perversely that the appellant continued to be the owner of urban land under section 2(ea) of the Wealth Tax Act, 1957 despite the fact that the appellate (after transferring the land to the developer through JDA dated 05-12-2000) retained only the right to receive 15.3% of the total built up area, which does not fall within the exhaustive definition of "assets" under section 2(ea) of the Wealth Tax Act, 1957? - HELD THAT:- A combined reading of Clause 10.1(g), Clause 13.1, 13.2 and Clause A(viii) of the Annexure-A together with the 'No Objection' under Chapter XX-C of the IT Act and the letter written by Shri. Dhingra prima facie demonst....... + More
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2022 (5) TMI 138
Nature of land sold - assessee has filed details that the land sold is agricultural land and claimed exemption u/s.2(14) of the Act and the assessee filled following details but the AO rejected the assessee’s claim that the assessee has sold agricultural land - HELD THAT:- We noted that the assessee sold the land at 127, A Block, Panruti Village, Sriperumbudur Taluk, Kanchipuram District and the adjacent land sold by assessee’s family member Smt. Majeeda Shahida Begum [2018 (7) TMI 2256 - ITAT CHENNAI] having same address ‘No.127, Panruti Village, Sriperumpudhur Taluk, as the Tribunal in that matter has remanded the matter back to the file of the AO, taking a consistent view, we also restore this issue back to the file of the AO with identical directions. The issue on merits is kept open. Hence, this appeal of assessee i....... + More
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2022 (5) TMI 137
Wealth tax assessment - assessment of cash in hand in the hands of individual assessee - whether liable to wealth tax or not? - assessee claimed that he runs a big retain chain of business in the State wherein the daily cash sales clocks in an average of Rs.1.5 crores and availed overdraft facility from Indian Bank, T.Nagar Branch against the security of current asset, mainly of stock in trade with the condition that the realization of sale proceeds is to be deposited with them - HELD THAT:- We noted that the assessee may be having big retail chain of business but assessee is an individual. Admittedly, the assessee has cash in hand of Rs.1,41,65,793/-. As per the Wealth Tax Act, Section 2(ea) i.e., definition of assets in relation to assessment year commencing on the 1st day of April 1993 or any subsequent assessment year means (vi) cash ....... + More
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2022 (2) TMI 300
Wealth tax assessment - Piece of land in Panvel held as its stock in trade or taxable within the provisions of Wealth Tax Act - ITAT treating the land which was approved by the State Government only for industrial purpose as stock in trade - Whether Hon’ble ITAT erred in not appreciation the provisions of section 2(ea) of Wealth Tax Act, 1957 which is totally applicable as per the facts of this case? - HELD THAT:- ITAT by its order pronounced on 21st June, 2019 and impugned in this appeal concurred with the finding of CIT(A). ITAT also held, and rightly so, that the explanation (1)(b) attached with Section 2(ea) of the Act clearly specified that any land held by assessee as stock in trade for a period of 10 years from the date of acquisition will not be included in the definition of ‘Urban Land’. ITAT also held that as p....... + More
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2022 (1) TMI 1054
Validity of Reassessment proceedings initiated u/s 17 of the Wealth Tax Act, 1957 - sale consideration of the property at Mugappair owned by the assessee that took place after the assessment years under consideration - HELD THAT:- Reopening the assessment by the assessing officer, based on the event of sale, which had taken place subsequently, to redetermine the value of the property for the assessment years in question, is not legally sustainable. Accordingly, the learned single judge rightly held so in the writ petitions filed by the assessee challenging the reassessment proceedings. In the present case, admittedly, the assessee had filed her returns of wealth along with supportive documents; and there was no allegation that she had withheld the material facts or that the facts placed before the Officer are not truly and fully disclosed....... + More
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2021 (9) TMI 896
Wealth tax assessment - estimation of value of asset - assessee failed to justify value adopted in wealth tax returns with necessary evidences - Revenue authorities determine value of the property as per market value - HELD THAT:- As regards property at Bharaniputtur, there is a dispute between the assessee and Assessing Officer in respect of extent of landholding. The assessee claims that he owned 0.4 acres of land, whereas the Assessing Officer has adopted 0.8 acres of land. A similar issue has been considered by the Tribunal for assessment years 2009-10 and 2010-11, where issue has been set aside to the file of Assessing Officer to ascertain date of purchase of land and extent of land held by the assessee. Even before us, the assessee has filed necessary evidences to prove that extent of land held by the assessee is only 0.4 acres. The....... + More
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2021 (9) TMI 309
Violation of principles of natural justice - appeal was accepted ex-parte, without granting reasonable opportunity of hearing - exclusion of the value of the factory land and buildings within the scope of the exception carved out in the definition of net wealth in Section 2(ea) of the Act - said asset was a commercial asset occupied and used for commercial purposes - HELD THAT:- It is true that, unless and until the counsel or the authorized representative has been duly authorized to appear in the matter, the Courts and Tribunals will not entertain the said person to represent, as the assessee can always take a stand that the person who had appeared had not been authorized to appear. In the instant case, facts had to be adjudicated - if the assessee had an opportunity to place their submissions before the Tribunal, the order would have be....... + More
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