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2016 (4) TMI 293 - ITAT AHMEDABADPenalty proceedings u/s 17 of the Wealth-tax Act, 1957 - Held that:- From going through the submissions of the ld. AR as well as the observations made by ld. CWT(A) we find that assessee company passed through scrutiny assessment u/s 143(3) of the I.T. Act, 1961 and during the course of assessment proceedings ld. Assessing Officer observed that assessee company owns motor cars (vehicles having WDV at ₹ 1.51 cr.) and also assessee company owns Guest House. There was no record available showing that any wealth tax return has ever been filed and in view of these reasons and notice u/s 17 of the W.T. Act was issued and he further found that ld. CWT(A) has accordingly issued proper notice and duly disposing the objection raised by the assessee and had communicated to the assessee. Therefore, we are of the view that ld. CWT(A) has rightly dismissed the ground of assessee in accordance with law. We uphold the same.- Decided in favour of assessee. Denial of deduction claimed of debt against the value of movable and immovable properties - Held that:- Looking to the disparity of facts appearing in the submissions of assessee and the orders of lower authorities and also observations of ld. Assessing Officer and ld. CWT(A) that assessee has not been able to prove proper nexus of the vehicle loan taken as well as ECB in regard to the movable and immovable wealth shown in the computation of wealth, it will be proper that the matter arising in this ground of appeal to be restored back to the file of Assessing Officer for fresh adjudication with clear instruction that ld. Assessing Officer will provide sufficient and reasonable opportunity of being heard to the assessee and we also instruct the assessee to produce all necessary documents as discussed above before the Wealth Tax Officer in support of his claim of deduction of debts against the value of taxable assets for wealth tax purposes. Accordingly, this ground is allowed for statistical purposes.
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