TMI Blog2016 (1) TMI 1067X X X X Extracts X X X X X X X X Extracts X X X X ..... .CWT(A) has followed the outcome of the Asstt.Year 2005-06 and deleted the addition. - Order of CWT(A) sustained - Decided against the revenue. - WTA No. 12/Ahd/2015 - - - Dated:- 19-1-2016 - Shri Rajpal Yadav, Judicial Member And Shri Anil Chaturvedi, Accountant Member For the Petitioner : Shri Pradeepkumar Majumdar, Sr.DR For the Respondent : Ms.Urvashi Shodhan ORDER Per Rajpal Yadav, Judicial Member The Revenue is in appeal before us against the order of ld.CWT(A)-9, Ahmedabad dated 3.7.2015 passed for the Asstt. Year 2008-09. 2. Solitary grievance of the Revenue is that the ld.CWT(A) has erred in deleting the addition of ₹ 6,85,58,254/- which was added by the AO in the assessable wealth of the assessee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ions did not assign any cogent reason to include value of the asset in the net assessable wealth. He determined the value of the asset on rent capitalization method. On appeal, the ld.CWT(A) has followed the outcome of the Asstt.Year 2005-06 and deleted the addition. The Tribunal s order in the Asstt.Year 2005-06 on this issue reads as under: 2. The assessee company derived rental income of ₹ 68,94,644/- in respect of its property situated at GIDC Estate, survey No.434/1 and 982 by leasing the same to its associate concern M/s. Patel Alloy Steel Pvt.ltd. The A.O. was of the view that since the assessee was using its building for commercial purposes, the same was liable to be assessed under Wealth Tax Law. He computed value thereo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... bjected to charge towards tax and all other assets are outside the tax net. For the purpose of levy, assets are classified as two categories one as productive and other as non productive. Under the provisions of amended Act, tax is levied only on non productive assets such as residential house, urban land, jewellery, bullion, motor car etc. In the case in hand, industrial plots are being utilized as productive assets. Accordingly, as per the provisions of amended Wealth-tax Act, these assets are out of wealth-tax net. (ii) These assets are not subject to wealth-tax charged as per provisions of section 2(ea)(5) of the W.T.Act. This proposition is further supported by the case of Satvinder Singh Kalra v/s. DCVVT reported in 112 TTJ (,Pu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ial use, accordingly, in my considered view these assets are productive assets and accordingly exempt as per the provisions of section 2(ea)(5) of the W.T. Act. (iii) It is seen that A.O. has taken figure of actual rent received of ₹ 68,94,644/- from the assessment order dtd.31-12- 2007. However, this order was contested further in appeals and Hon'ble ITAT in ITA No.1165/Ahd/2009 dtd. 31-3-2011 had set aside this order to the file of Id. A.O. This way, the very assessment order which was basis of rent receipt, does not exist any more. Accordingly, net wealth worked out on the basis of rent receipt for the A.Y. 2004-05 will also not subsist. 2.3 In view of the above facts, I am of the considered view that industrial plo ..... X X X X Extracts X X X X X X X X Extracts X X X X
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