TMI Blog2015 (10) TMI 263X X X X Extracts X X X X X X X X Extracts X X X X ..... n of urban land by the Finance Act, 2013 with retrospective effect from 01.04.1993, land classified as agricultural land in the records of the Government and used for agricultural purpose is outside the purview of urban land. - the nature and character of land in question remained agricultural as on 31.03.2008 as the conversion of land from agriculture to non-agriculture took place only on 27.01.2009 i.e., in the assessment year 2009-2010 - the land having been classified as agricultural land in the records of the Government for the relevant period and used for agriculture, it cannot be treated as urban land. - No addition - Decided in favor of assessee. - WTA No. 1/Hyd/2015 - - - Dated:- 24-6-2015 - B. Ramakotaiah, AM And Saktijit Dey, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... iii. Land at Hosakere Halli, Bangalore ₹ 30,60,52,644 iv. Vehicle (Ford Ikon) ₹ 9,58,039 v. Cash in hand (Rs.2,20,709-Rs.50,000) ₹ 1,70,709 ₹ 31,27,49,019 2.1. In response to a query raised by A.O. as to why assessee has not declared the value of flat located at Somajiguda to Wealth Tax, it was submitted by the assessee that the concerned flat is a disputed property and assessee is not in possession over the same. However, as observed by A.O. in the assessment order, the assessee could not produce any doc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... this issue. Even otherwise also, on going through the respective orders of the A.O. as well as the Ld. CIT(A), it is very much clear that though the assessee has disputed his ownership right over the property but he has failed to bring any evidence on record to show that there is any legal dispute with regard to the ownership of the property pending before any Court of law. On the other hand, the documents available on record clearly establish assessee s ownership over the property. In the aforesaid facts and circumstances, we do not find any infirmity in the order of the Ld. CIT(A) in confirming the addition the addition of ₹ 26,42,000 to the net wealth. 4. In ground No.3 assessee has challenged the addition of an amount of ₹ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ct to the restrictions imposed in the definition of Urban Land as provided under Wealth Tax Act. Thus, on the above premises, the A.O. held that even if the land situated in an urban area is used for agricultural purpose, still then it will be an asset as per the Wealth Tax Act. Accordingly, treating the land in question as an urban land, the A.O. added the value of such land determined at ₹ 30,60,52,644 to the net wealth of the assessee for the impugned assessment year. Being aggrieved of such addition, the assessee preferred in appeal before the Ld. CIT(A). In the course of hearing of appeal before the first appellate authority, it was submitted by the assessee that since the nature and character of land remained agricultural as o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed that since the said amendment is with retrospective effect from 01.04.1993 the same will apply to assessee s case. Therefore, it cannot be treated as urban land. 7. The learned D.R. on the other hand relied upon the orders of the departmental authorities. 8. We have considered the submissions of the parties and also perused the materials on record as well as orders of the revenue authorities on this issue. As can be seen, the specific plea of the assessee is that as per the amended definition of Urban Land as finds place under Explanation-1 to section 2(ea)(v), land classified as agricultural land in Government records and used for the purpose of agriculture is outside the purview of urban land. Having gone through the facts on r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e approval of the appropriate authority or any unused land held by the assessee for industrial purposes for a period of two years from the date of its acquisition by him [or any land held by the assessee as stock-intrade for a period of [ten] years from the date of its acquisition by him.] 8.1. As can be seen from the plain reading of the aforesaid provision, after the amendment of the definition of urban land by the Finance Act, 2013 with retrospective effect from 01.04.1993, land classified as agricultural land in the records of the Government and used for agricultural purpose is outside the purview of urban land. If we examine the facts of the present case in the light of aforesaid statutory provision, it is to be seen that the natu ..... X X X X Extracts X X X X X X X X Extracts X X X X
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