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2018 (10) TMI 1055 - AT - Wealth-taxNet-wealth for the purpose of wealth-tax as provided in section 2(ea)(v) - inclusion of land - amendment made by the Finance Act, 2013 with regard to urban land which is basically an agriculture land, but fall within the ambit of urban municipal limit - Held that:- After the amendment, such land would not be included in the net-wealth for the purpose of wealth-tax as provided in section 2(ea)(v). DR unable to controvert this finding of fact recorded by the CIT(A). As far as urban land viz. Muthiya and land at Vastral are concerned. CIT(A) has recorded a specific finding of fact that construction has commenced. Now this is a finding of fact recorded by the ld.CIT(A) who is at a higher pedestal in the hierarchy. The ld.first Appellate Authority has observed that observation of the AO qua non-commencement of construction is factually incorrect. This finding of the fact could be reversed only if the something is brought to our notice. No material has been brought to our notice, which can show that this finding of fact is contrary to the facts. In the absence of such step, we do not see any reasons to interfere in the orders of the ld.CIT(A), hence, all the appeals of Revenue in the case of Kantibhai T. Savaliya is dismissed. As far as appeals of Shri Harshadbhai K. Savaliya, he was also owner and in possession of two types of land; one claim which is agriculture land within ambit of municipal limit, and another nonagriculture land under construction. CIT(A) has accepted the fact that agriculture land are not required to be included in the net wealth of the assessee on account of amendment made in the Wealth Tax Act by Finance Act, 2013. As far as non-agriculture lands are concerned, constructions have been commenced on them. The ld.CWT(A) has been satisfied with the quality of evidence produced by the assessee in this regard. There is no disparity of facts qua the facts of Shri Kantibhai T. Savaliya, which we have discussed in the earlier part of the order, wherein we have noticed the finding of the ld.CIT(A) in the Asstt.Year 2007-08. Taking into consideration all these aspects, we do not find any merit in these appeals, thus dismissed.
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