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The Wealth Tax Officer, Ward-2 (1) , Jammu Versus Sh. Joginder Singh Rajput and Vica-Versa

Valuation of the land for Wealth Tax purposes - revenue contended that, there was no restriction concerning construction or development over the land of the assessee, by any Act or Law for the time being in force and the assesssee could have made such construction with permisssion from the appropriate authority. - CWT(A) deleted the addition as land was agricultural land and agricultural operations were being carried out thereat and that so, the land was covered by the exemption in the definitio .....

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en taken into consideration by the WTO while passing the assessment order dated 9.12.2009 for Assessment Year 2002-03. For the other years also, the position remains likewise.

The only unescapable conclusion is that the land of the assessee has rightly been held by learned CWT(A) to be exempt from the definition of "asset" within the meaning of section 2(ea) of the Wealth Tax Act, as amended by the Finance Act 2013 with retrospective effect from 1.3.1993. - Decided against the revenue .....

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unsel for the assessee has stated at the bar that he does not wish to press the cross objections for all the above mentioned years. Accordingly, cross objection Nos.8 to 11 are dismissed as withdrawn. 3. Aprops all the appeals, the WTO held, interalia, that the notification for acquisition of land was published on 29.09.2005, i.e., about two and half years later than the date of valuation of the land for Wealth Tax purposes, for the Assessment Years. 2002-03 and 2003-04, and much before the valu .....

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hin the specified limits of the Municipal Corporation, Shimla, where there was no restriction of construction or development of land by any Act for the time being in force, as on the respective dates of valuation as per the Wealth Tax Act, the land of the assessee was covered under the definition of asset‟ within the meaning of Section 2(ea) of the Wealth Tax Act. 4. The learned CWT(A), however, held that the assessee‟s land was agricultural land and agricultural operations were bein .....

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ime being in force and the assesssee could have made such construction with permisssion from the appropriate authority. 6. On the other hand, the learned counsel for the assessee has strongly relied on the impugned orders, contending that the learned CWT(A), while rightly deciding the issue in favour of the assessee, has correctly taking into consideration the fact that the land in question was agricultural land as per the records of the Govt. and agricultural operations were being carried on th .....

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had been filed by the assessee before the WTO and the CWT(A), and the assessee had filed before the WTO as well as CWT(A), a certificate dated 27.11.2009, issued by the Town and Country Planner, Divisional Town Planning Officer, Shimla. The evidence with regard to the land being agricultural and agricultural operations being carried on thereat is in the shape of Kissan Card along with Khasra girdawari (wrongly mentioned as Jamabandi by the assessee), (APB 20-22). APB 18-19 is a copy of letter/ .....

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shape of Vatar, showing cultivation Rabbi and Kharif Crops over the land, which has been shown in the self cultivating possession of the assessee and has been described as Bagicha (orchard). 8. So far as regards the certificate, the Town and Country Planner, Shimla has stated that no construction activity could be started, without obtaining prior approval of the competent authority, over the land in question. The assessee‟s letter dated 1.12.2009 (supra) to the WTO mentions this certificat .....

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ed to have been sold by the assessee in two parts, First 4935.80 Sq. Mtrs against sale deed dated 30th April, 2003. This land was sold by the assessee in the individual capacity. Had the property owned by the HUF, the sale might have been between the HUF through Karta and the party purchasing the said property and the sale proced must have been desposited in the HUF Bank A/C. For the second part, assessee first executed General Power of Attorney on a Stamp Paper dated 30.04.2003 in his individua .....

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he property was sold by Shri Joginder Singh in his individual capacity and the sale proceeds have been utilized for his individual purposes. On the basis of above discussed position, it is clear that the total land of 11003.93 Sq. Mtrs was owned by the assessee in his individual capacity, therefore, the claim of assessee being property under consideration belonged to HUF is hereby rejected. At page 11 of the said order, the WTO has also mentioned as follows: A Land owned by assessee in his name .....

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