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2022 (9) TMI 618 - AT - Wealth-taxReopening of wealth tax assessment - Escaped assessment of wealth chargeable to tax - urban land as provided under Wealth tax Act - Whether property in question is exempt under the Wealth tax Act as the alleged plot in question was not exceeding 500 sq.mts in area and it is exempt u/s. 5(vi) of the Act ? - HELD THAT:- We find force in the contention of the Ld. AR as both the properties in question as stated in impugned order does not fall under the definition of asset(s) u/s. 2(ea) of the Act and falls under exempted asset under the definition of Wealth tax Act and accordingly we direct the Authority below to delete property(s) in question from the preview of net wealth for calculating the wealth tax, since we find that property(s) in question were exempted properties under the provisions of Wealth tax Act and does not attract any Wealth tax as determined by the Authority below. Appeal filed by the assessee is allowed.
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