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2020 (3) TMI 1049 - AT - Wealth-taxRefund of the wealth tax paid by the assessee by virtue of the amendment to section 2(ea) of the WT Act - CIT (A) dismissed the appeals as not maintainable because the assessee itself has offered the net wealth to tax - Assessee submitted that since the amendment to section 2(ea) of the Act has been made with retrospective effect from 1.4.1993, the said land does not fall within the purview of the Wealth Tax Act and therefore, the assessee should be refunded the wealth tax paid by the assessee - HELD THAT:- In view of the CBDT Circular dated 11/06/2015, we remand the appeals to the file of the AO with a direction to reconsider the issue in accordance with the amended provisions of the Act. The assessee is also directed to approach the Pr. CIT u/s 25 of the Act and seek refund in accordance with the CBDT Circular and on such receipt of the application, the Pr. CIT shall dispose of the application within a period of one year from the end of the financial year in which the application is received and the AO thereafter shall refund the taxes paid by the assessee, if the Pr. CIT so directs. Assessee’s appeals are treated as partly allowed for statistical purposes particularly because the CIT (A) orders are also dated 12.02.2014 i.e. prior to the CBDT Circular dated 11.06.2015.
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