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2017 (11) TMI 249 - AT - Wealth-taxAddition in return wealth of the assessee by treating unapproved/agriculture plots/lands as taxable assets - Held that:- The asset is exempt in view of the provisions of Section 2(ea)(iv) of Wealth tax Act. As on this land the construction is not permissible. Secondly, the assessee has disputed the valuation adopted by the Assessing Officer. We have given our thoughtful consideration to the contention of the assessee. We find that the Assessing Officer has not made any enquiry from the concerned authorities i.e. Jaipur Development Authority whether the construction of building is permissible on the land further no effort is made as to ascertain what is the fair market value of the assets. Under these facts, we therefore set aside the order of the authorities below and restore this issue to the file of the Assessing Officer to decide afresh. The AO would make enquiry in respect of the claim of the assessee that no building is permissible on the land and also would refer the issue of valuation of the cost of assets to the DVO to ascertain the fair market value for the purpose of computing the wealth tax, if he is not satisfied qua the claim of the assessee that asset is exempt. Hence, Ground no. 1, is allowed for statistical purpose. Non-allowing deduction of debts - Held that:- This Tribunal in assessee’s own case pertaining to the Assessment Year 2006-07 held as no material on record to support the contentions raised by the ld AR which satisfies the above requirement of establishing the necessary nexus between the debt and the assets in question. Since we have set-aside the matter relating to determination of pieces of land/plot as eligible to wealth tax and the applicability of the exclusion clause, this issue is also set-aside to the file of the AO to examine the same afresh as per law
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