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2016 (9) TMI 243 - ITAT HYDERABADNature of land - wealth assessment - “urban land” - Held that:- We find that the asset considered for wealth tax by the AO is claimed to be agricultural land by the assessee. Before the CIT (A), assessee has allegedly filed copies of the sale deeds and also pahanis for the relevant A.Ys. However, we find that the CIT (A), has neither verified the veracity and authenticity of the said documents by herself, nor has she called for a remand report from the AO. We find that she has accepted the assessee’s contentions without any verification. The assessee has also filed before us the statement of the total income over the A.Ys 2006-07 to 2015-16 wherein the assessee has been declaring agricultural income also. In our opinion, all these documents need verification by the AO in view of the provisions of Rule 5A(3) of the Wealth Tax Rules, 1957. In view of the same, we deem it fit and proper to remand the issue to the file of the AO only for verification as to whether the said land is agriculture land and falls within the meaning of “urban land” u/s 2(ea) of the W.T. Act or not. Needless to mention that the assessee shall be given a fair opportunity of being heard - Decided in favour of revenue for statistical purposes.
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