TMI Blog2012 (9) TMI 529X X X X Extracts X X X X X X X X Extracts X X X X ..... e vehicles or for any other purpose - determination of taxable wealth in the years under consideration - Held that:- Since the facts and circumstances of the case in the present appeals are identical to that of A.Y. 1999-2000, the decision of coordinate Bench of previous year is followed and remit matter back to the file of WTO to examine the lease agreements and arrive at a conclusion as to whether the recipients of the vehicles had hired out the vehicles as stipulated under W.T. Act and pass appropriate orders on merits after giving reasonable opportunity of hearing to the assessee. The assessee shall submit all the information required by WTO to determine the taxable wealth - in favour of assessee for statistical purposes. - W.T.A. No.2 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 6,18,326/- and Rs.28,04,728/- for A.Y. 2001-02, 2002-03 and 2003-04 respectively. Since the assessee is in the business of leasing and share trading and not in the business of hiring of vehicles, W.T.O. was of the view that the assessee was liable for Wealth tax as he was not eligible to claim exemption on motor cars held by it. He accordingly determined the net wealth at Rs.98,48,514/-,Rs.31,18,326/- and Rs.13,04,728/- for Assessment Year 2001-02, 2002-03 and 2003-04 respectively. The assessee being aggrieved by the order of WTO carried the matter before CWT (A). 6. CWT (A) held that on similar issue and similar facts his predecessor had decided the appeal against the assessee in Assessment Year 1999- 2000 (order dated 22-10-2007). He fu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... A.Y. 1999-2000 and therefore, urged that following the decision of ITAT for A.Y. 1999-2000 the matter be remitted to the file of WTO with necessary directions. 8. On the other hand, the Ld. D. R. submitted that due to the noncompliance of notices by the assessee the WTO was right in framing the assessment u/s16(5) r.w.s.17. However, he did not object to the suggestion of A.R. to remit the matter back to the file of WTO,for verification and necessary directions with respect to determining the Wealth tax. 9. We have heard rival submissions and perused the material on record. In the present appeals before us. We find that notices under section 17 were issued to the assessee in all the 3 assessment years directing it to file the returns of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . 16(5). In view of these facts, we are of the view that there was no infirmity on the part of W.T.O. in making the assessment by invoking the provisions of section 16(5) r.w.s. 17 of the W.T. Act. We thus, uphold the assessment made by the W.T.O. Thus this ground of assessee is rejected. 11. With respect to the issue of determination of taxable wealth in the years under consideration, the assessee has submitted that the facts in all the 3 years are identical to those of A.Y.1999-2000 and therefore the issue be decided in similar manner as was decided in A.Y. 1999-2000. The Revenue could not controvert the aforesaid fact by bringing any material to the contrary. We find that for A.Y. 1999-2000, the co-ordinate Bench vide WTA No.22/AHD/200 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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