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Commissioner of Income Tax - 7 Versus Provestment Securities Pvt. Ltd.

Determination of net wealth - Inclusion of value of Lamborghini car - Did the Income Tax Appellate Tribunal (ITAT) fall into error in holding that the assessee who is not owner of the Lamborghini Car since it did not acquire the asset and was therefore not liable under the Wealth Tax Act - Held that:- Decision in the assessee's own previous case [2015 (12) TMI 117 - DELHI HIGH COURT] followed - Decided in favour of assessee. - WTA 1/2015, WTA 2/2015 - Dated:- 30-11-2015 - S. Muralidhar And Vibhu .....

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eafter AY ) 2006-07 and 2007-08 respectively. The said appeals were filed by the Revenue challenging two orders both dated 30th April, 2013, passed by the Commissioner of Wealth Tax (Appeals) [hereafter CWT(A) )] in Appeal no. 395/CWT(A)XVII/ Del/2011-12 and 396/CWT(A)XVII/Del/2011-12, whereby, the appeals filed by the Assessee against the assessment orders, both dated 30th December, 2011, passed by the Assessing Officer (hereafter AO ) for the AY 2006-07 and 2007-08 were allowed. 2. The princip .....

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tional notices u/s 16(4) were issued on 15th November 2010 and 6th December 2010. In response to the said notices, the Assessee filed a letter dated 13th December 2010 along with a copy of the Balance Sheet for the year ending 31st March, 2006 claiming that the Lamborghini Car was not owned by the Assessee company during the AY 2006-07, but was taken in AY 2008-09 and the wealth tax in respect of the said car had been paid by the company in AY 2008-09. The Assessee subsequently filed its Wealth .....

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ar worth ₹ 1,40,00,000/- as on 31st March, 2006 and 31st March, 2007, its value had to be included in the taxable wealth of the Assessee u/s 2(ea) of the Act. Interest was also charged u/s 17B and penalty proceedings were initiated u/s 18(1)(c) of the Act. 4. The Assessee filed two appeals before the CWT(A) against the assessment orders for the AY 2006-07 and 2007-08. The CWT(A) relying upon the order of the Income Tax Appellate Tribunal (hereafter ITAT ) in the Assessee s Appeal in ITA No .....

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