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2017 (11) TMI 216 - AT - Wealth-taxValuation of asset for the purpose of Wealth Tax - valuation at value as per Govt Approved Valuer's report filed for obtaining loan from bank or the value shown by the appellant in the returns of wealth on the basis of value of the property for stamp duty purpose - Held that:- The perusal of Form No.E filed before the CWT(A) reflects that the issue raised by the assessee was against the order of WTO in making addition of ₹ 27,62,680/- to the net wealth of assessee and further in not giving exemption under section 5(1)(vi) of the Act. However, the CWT(A) decided the issue on a ground which was not raised before him i.e. in holding that the value of loan against assets pledged with bank for obtaining loan was deductible under section 2(m) of the Act. No such issue was raised before the CWT(A). The issue which needs to be adjudicated by the CWT(A) was the valuation of property. We direct the CWT(A) to decide the issue raised before him i.e. the valuation of asset in accordance with the law. The issue of deduction under section 2(m) of the Act was never pleaded or raised by the assessee and hence, there is no merit in the order of CWT(A) in this regard. Accordingly, allowing the claim of assessee raised by way of an application under Rule 27 of the ITAT Tribunal Rules, we remit this issue back to the file of CWT(A). The grounds of appeal raised by the Revenue are allowed for statistical purposes.
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