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2021 (7) TMI 50 - AT - Wealth-taxWealth tax assessment - AO treated the lands situated at Dundigal, Bowrampet and Ravada villages as urban lands chargeable to wealth tax - HELD THAT:- We are of the view that once the lands are declared by the govt in its records as agricultural lands, the CWT(A) finding that the assessee failed to produce any evidence that the same are put to use for agricultural purposes is contrary to the law. The assessee has received subsidy announced by the Andhra Govt, which was directly credited into his bank account. We, therefore, set aside the order of CIT(A) and direct the AO to treat the same as agricultural lands. Accordingly, the grounds Nos. 1 to 4 raised by the assessee on this issue are allowed. AO denied exemption u/s 2(ea)(i)(4) of the Act in respect of the residential flat at Banjara Hills - revenue authorities held that the property was let out for a period of two months during the previous year relevant to impugned AY, therefore, the assessee is not eligible to claim exemption u/s 2(ea)(i)(4) - As argued the said flat was purchased by the assessee during the month of September, 2006, the question of holding the property for more than 300 days does not arise and hence, the same should be considered as an exempted asset - We are of the view that since the assessee has purchased the property in the month of September, 2006, the question of holding the property for more than 300 days does not arise and, we direct the AO to consider the said property as exempted asset. Accordingly, the ground no. 5 raised by the assessee on this issue is allowed.
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