TMI Blog2013 (6) TMI 112X X X X Extracts X X X X X X X X Extracts X X X X ..... the AO for examining the actual location of the land whether it is a land appurtenant to the factory and whether it is used for the purpose of business of the assessee - this ground of the Revenue allowed for statistical purpose. Inclusion of motor car vehicles to assessee's net wealth - CIT(A) deleted the addition - Held that:- There is no fallacy in the finding of the CWT(A)rightly directing the AO to adopt value of the vehicle as per the prescribed rules of W.T.Rules. Against revenue. - WTA No.14/Ahd/2010 With CO No.76/Ahd/2010 - - - Dated:- 24-5-2013 - Shri Mukul Kr. Shrawat And Anil Chaturvedi,JJ. For the Petitioner : Shri D. K. Singh, Sr. DR For the Respondent : Shri S. N. Soparkar ORDER This appeal by the Reve ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Being aggrieved, the matter was carried before the first appellate authority. 4. While dealing with this issue, it was noted by the CIT(A) that land in question was forming part of the factory premises,therefore rightly excluded by the assessee out of the ambit of Section 2(ea)(i) of the W.T.Act. The finding of the CWT(A) is as under: "3.2. I have considered the matter. Assessing Officer has Included the land in question in net wealth u/s.2(ea)(v), i.e. as 'urban land'. Under Explanation 1(b) below section 2(ea), "urban land" means land situate within the jurisdiction of Municipality of population not less than 10000 or land situate within 8 kilometers from local limit of any municipality, but does not include land occupied by any build ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... be any controversy about the location of the land. In subtle arguments, the learned DR has pleaded that these factual aspects can be investigated by the AO, hence, if deemed fit, the matter may be restored back. 6. From the side of assessee, Shri S.N.Soparkar appeared and pleaded that as per the wealth-tax return, the assessee has annexed "Notes Forming Part of the Return", wherein it was narrated that the land in question was used by the company for storage of goods. Because of the said reason, it was claimed that the land was used for the purpose of business, therefore did not fall within the definition of "asset" as defined under section 2(ea)(i) of W.T.Act. The learned AR has also pleaded that as per the map, the land was part and par ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r: "On the facts and in the circumstances of the case and in law, the ld.CIT(A) has erred in deleting the addition of inclusion of motor car vehicles of Rs.22,41,813/- overlooking the fact that it falls within the ambit of net wealth chargeable to Wealth-tax." 9. The AO has assessed the value of the vehicle at Rs.22,41,813/- and after adjusting the basic exemption, the balance was taxed in the hands of the assessee. When the matter was carried before the first appellate authority, it was submitted that the value should have been taken after allowing depreciation as per the working given by the assessee, according to which, the value was shown at Rs.7.14 lakhs. Considering the provisions of the W.T.Act, the learned CWT(A) has granted rel ..... X X X X Extracts X X X X X X X X Extracts X X X X
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