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Shri Chamakura Bhadra Reddy, Shri Chamakura Mahender Reddy Versus Dy. Commissioner of Wealth-tax, Central Circle 1, Hyderabad

2016 (4) TMI 629 - ITAT HYDERABAD

Revision u/s 25(2) of the Wealth Tax Act, 1957 - Assessing Officer revalued some properties by adopting a higher value and many other properties were revalued by enhancing the values by 25% of the values declared - Commissioner was of the view that, the assessments framed in these cases were erroneous and prejudicial to the interests of the Revenue, and accordingly issued notices for revision under S.25(2) - Held that:- As decided in assessee's own case as the impugned lands are also being agric .....

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. 09/Hyd/2015, 11/Hyd/2015, 12/Hyd/2015 - Dated:- 1-3-2016 - Shri D. Manmohan, Vice President And Shri B. Ramakotaiah, Accountant Member For the Appellants : Shri C. P. Ramaswamy For the Respondent : Shri M. Sitaram DR ORDER Per D. Manmohan, Vice President These three appeals are field at the instance of two assessees, and they are directed against the separate orders of the Pr. Commissioner of Wealth-tax 6, Hyderabad under S.25(2) of the Wealth Tax Act, 1957. 2. Facts necessary for the disposal .....

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rned wealth of ₹ 10,17,290 for the assessment year 2007-08 and at ₹ 7,70,16,054 as against returned wealth of ₹ 4,79,610 for the assessment year 2009-10, and the net wealth of the assessee, Shri Mahender Reddy, at ₹ 6,33,19,957 as against returned wealth of ₹ 10,76,462 for the assessment year 2007-08, after making certain additions. While thus completing the wealth tax assessments, the Assessing Officer revalued some properties by adopting a higher value and many ot .....

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vey numbers in the same village of Gundla Pochampally village. Part of the properties in the same village which are under agreement of sale were re-valued by Assessing Officer at ₹ 9,38,355/- per gunta in the wealth tax orders passed from Assessment year 2007-08 to 2009-10. For this, Assessing Officer obtained the valuation of land from Sub-Registry Office which showed that the land-in-question was valued at ₹ 25 Lakhs per acre. He increased the valuation by his own reasons given in .....

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of wealth of ₹ 6,15,18,028 for assessment year 2007-08 in the case of Shri Chamakura Mahender Reddy. Consequently, the Pr. Commissioner was of the view that, the assessments framed in these cases were erroneous and prejudicial to the interests of the Revenue, and accordingly issued notices for revision under S.25(2)of the Act. Though there was no response from the assessees to the notices issued by the Assessing Officer, ultimately, during the course of hearing before her, Authorised Repre .....

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S.25(2) of the Act. 5. Aggrieved, assessees preferred the present appeals before the Tribunal. 6. Having considered rival submissions and perused the material available on record, we find that in the cases of both these assessees, the additions made in the assessments made under S.16(3) read with S.17 for the years under consideration vide orders dated 31.3.2013, were subject matter of appeal before the CWT(A), who disposed of those appeals by his orders dated 25.2.2015. As against this backgrou .....

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ddy, were subject matter of appeal before this Tribunal, and the Tribunal vide its common order dated 22.1.2016, has set aside the same with the following observations.- 6. We have considered the rival contentions and perused the documents placed on record. It is a fact that AO enhanced the value of agricultural land shown by assessee by 25%, without any discussion. It is also a fact that Ld. CIT(A) analysed the contentions of assessee in AY. 2007-08 and also in 2009-10 so as to give a finding t .....

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