TMI Blog2016 (1) TMI 210X X X X Extracts X X X X X X X X Extracts X X X X ..... f assessee regarding the loan value of ₹ 71 lacs. The Ld. CIT has misunderstood from the balance-sheet filed by assessee that there is no loan liability on the said land & building of assessee. In view of above, we reverse the order of Ld. CIT and issue raised by assessee in this appeal is allowed accordingly. - Decided in favor of assessee. - WTA No. 35-38/Kol /2013 - - - Dated:- 31-12-2015 - Shri Mahavir Singh, Judicial Member And Shri Waseem Ahmed, Accountant Member For the Petitioner : Shri Miraj D Shah, AR For the Respondent : None ORDER Per Bench These four appeals filed single assessee against the common order passed u/s 25(2) of the Wealth Tax Act, 1957 (hereinafter referred to as the Act ) by Commis ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Wealth Tax Act. 3. FOR THAT the jurisdiction u/s 25(2) cannot be assumed on mere change in opinion. 4. FOR THAT in any event, the debt of ₹ 71,00,000/- was duly reflected in audited Books of Accounts and the assessee is eligible for deduction of the same. From a close look of the audited accounts, it would be apparent that the debt amounting to ₹ 71,00,000/- was directly related to construction and acquisition of house property. 5. FOR THAT an order which is not erroneous cannot be revised u/s. 25(2) of the Wealth Tax Act. 6. FOR THAT a legally framed assessment cannot be revised merely because another view is possible or the Assessing Officer had accepted the assessee s return of wealth. 4. The com ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ook a debt on land building for an amount of ₹ 71 lacs. So the net wealth of assessee after deducting the loan taken from the value of said land building becomes zero. Therefore, assessment was framed by WTO at Rs. nil. 5. However, Ld. CIT found the balance-sheet of the assessee that there is no loan reflecting on the land building. Accordingly, the deduction of loan allowed by AO has resulted under-statement of net wealth for all the four assessment years. Therefore, Ld. CIT opined that assessment made by AO is erroneous and prejudicial to the interest of Revenue and hence issued notice for the same upon assessee. Before Ld. CIT, assessee submitted that issue of debt on the land building has been duly considered in assessm ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 47,00,000 3 Unsecured loan: 4 From shareholders 6,33,955 5 From companies 24,840 6 From Prakash Ply Centre 13,00,000 19,58,795 7 Current Liabilities 6 Advance against flats 7,24,250 7 Total 73,83,045 From the aforesaid discussi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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