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2022 (9) TMI 617 - AT - Wealth-taxReopening of wealth tax assessment - Escaped assessment of wealth chargeable to tax - assessee was liable for wealth tax but has not filed wealth tax returns - HELD THAT:- As the assessee has not furnished true particulars of wealth, we are of the considered opinion that the Assessing Officer has rightly reopened the assessment. Accordingly, the ground raised by the assessee is dismissed for both the assessment years. Land in question as an agricultural land - Going by the stand of the assessee, if the land in question is under land acquisition and notification for acquisition has been passed by the Government then how the assessee has shown the asset in the books of account. Secondly, on perusal of the reply of the assessee, AO has found that the names of the previous owner of the property are different than that of the names given by the assessee in his reply. The relevant findings of AO are reproduced hereinabove. In order to counter the findings of AO the assessee has not brought on record any material evidence to take a different view than the view taken by the Assessing Officer. Thus, the ground raised by the assessee is dismissed for both the assessment years.
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