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2020 (5) TMI 315 - AT - Wealth-taxWealth tax assessment - valuation of land - Estimation as per the Wealth Tax Rules - assessee fairly submitted that the land in question is urban land therefore, it is liable for taxation under the Wealth Tax Act - HELD THAT:- Since assessee very fairly submitted that the land in question is urban land and liable for taxation, it may not be necessary for this Tribunal to go into the question whether this is an industrial land or not ? However, for the purpose of valuation as on the valuation date, the Wealth Tax Officer has to follow the procedure under the Wealth Tax Act after considering the locality of the land in question is situated, area of the land, potential for future development, infrastructure facilities available around the land etc. and other depressing factor such as the pendency of patta proceedings. This Tribunal is conscious of the fact that the patta is not a document of title. Fact that the patta was granted initially and subsequently cancelled by the Tahsildar, definitely have an impact on the title of the property. Therefore, this is one of the relevant factor to be taken into consideration by the Wealth Tax Officer. For the assessment year 2009- 10, the High Court has already fixed valuation, therefore it may not be necessary for the Wealth Tax Officer to re-examine the same. In other words, the valuation fixed by the High Court for the assessment year 2009-10 for registration of document has to be taken as value as on the valuation done by Wealth Tax Officer. For the assessment year 2013-14, the property was converted into stock-in-trade. This fact also needs to be taken into consideration by the Wealth Tax Officer. For other assessment years, the Wealth Tax Officer has to re-consider in the light of the observation made above. Accordingly, the orders of both the authorities below are set aside for the assessment years 2010-11 to 2013-14.
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