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2018 (9) TMI 1422 - AT - Wealth-taxWealth tax assessment - CWTA justification in deleting the addition to net wealth - Held that:- There is no additional document or evidence filed by the assessee before the ld CITA. All the documents filed by the assessee more particularly the rent agreements and the name of the tenants occupying the warehouses were already part of income tax assessment records and that the income tax assessment for the very same assessment year i.e Asst Year 2011-12 was completed by the ld AO u/s 143(3) of the Act on 13.3.2014 . We find that the AO himself in the first para of his wealth tax assessment order states that ‘on scrutiny of assessment records’. Hence all the details that were duly appreciated by the ld CITA were already part of income tax assessment records. We also find that the revenue had disputed only Rule 46A violation and had not disputed the fact and finding of ld CITA on the ground that the subject mentioned warehouses fall within the exclusion clause of definition of assets u/s 2(ea) of the Act. The issue is already covered by the decision of this tribunal referred to supra. In these facts and circumstances, we hold that there is no violation of Rule 46A of the IT Rules as alleged by the revenue in its grounds of appeal. Hence we hold that the warehouses owned by the assessee squarely falls within the exclusion clause of section 2(ea) of the Act and accordingly not liable to wealth tax. Accordingly, the grounds raised by the revenue are dismissed.
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