Home Case Index All Cases Wealth-tax Wealth-tax + AT Wealth-tax - 2017 (12) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2017 (12) TMI 1267 - AT - Wealth-taxWealth tax assessment reopened u/s. 17 - assessing the value of 10 acres of land - AO adopted the taxable wealth at ₹ 3.35 Crores based on the adoption of market value for the 10 acres of land stated to be in the ownership of assessee as per the agreement of sale - Held that:- It is interesting to note that assessee has entered into an agreement of sale with the said persons for sale of 10 acres of land on his own. In that agreement, in para 1 of the recitals, it was clearly stated that ‘The Vendor hereto being the sole legal heir of the said original owner Sri G. Bharat Reddy inherited and succeeded the Schedule Property as absolute owner and possessor thereof in perpetuity in evidence of which the Hon'ble High Court of Andhra Pradesh in WP No. 18422 of 2006 by its order dt. 11-09-2006 directed the District Collector, RR district and MRO Balanagar to issue Pattedar Pass books and title deeds……………..’ The fact is that there is no such order by the Hon'ble High Court and the copy of Hon'ble High Court placed on record do indicate that writ petition was dismissed with a direction to appropriate authorities to pass necessary orders on the application of petitioner within a period of four weeks from the date of receipt of copy of the order. The report of the Dy. Collector do indicate that the claim of assessee is not correct and the land is shown as Government land and in fact, was allotted to various other persons by the Government. Therefore, the very ownership of the land is in dispute. Since similar issue in Income tax proceedings was restored to the file of AO for examination in the Revenue appeal, we are of the opinion that this matter also should be restored to the file of AO to examine the facts afresh and decide the wealth tax liability, after giving due opportunity to assessee.
|