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2016 (5) TMI 1246 - ITAT AMRITSAR

2016 (5) TMI 1246 - ITAT AMRITSAR - TMI - Agricultural lands within the ‘Urban agglomeration’ or within the notified area limits - whether would not falll within the ‘Scope & Domain’ of the terminology ‘Asset” as contemplated u/s 2(ea)(v) of the W.T.Act, 1957? - Held that:- The legislature has, by virtue of the Finance Act, 2013, introduced the amendment to section 2(ea)(v) with retrospective effect from 01.04.1993. This amendment by way of Explanation 1(b)(ii) – section 2(ea)(v), is as follows .....

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ment of section 2(ea)(v) of the Act), because of the retrospective amendment brought in. As such, they are not exigible to Wealth Tax Act. Action of the AO in including the value of the assessees lands in their net wealth, is reversed. Accordingly, the orders passed by the ld. CWT(A), confirming this action are also reversed.- Decided in favour of assessee. - W.T.A. Nos. 12 to 26 (Asr)/2011 - Dated:- 23-5-2016 - Sh. A. D. Jain, Judicial Member And Sh. T. S. Kapoor, Accountant Member For the Appe .....

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ave raised common grounds in all the appeals. However, the common grounds of appeal raised in WTA No.12 are reproduced as under: 1. That the order of the Ld. CWT(Appeals), Jalandhar is against the law and facts of the case. 2. That the Ld. CWT(Appeals) had gravely erred in law in failing to appreciate that agricultural lands , whether situated within the Urban agglomeration or within the notified area limits would not falll within the Scope & Domain of the terminology Asset as contemplated u .....

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ein for the first time the said term Urban land was incorporated as an asset), to levy Wealth tax on agricultural lands ( as was so done by the Finance Act, 1969, when for the first time agricultural land was brought within the ambit of levy of Wealth tax), then there would have been a specific excluding proviso giving effect to non-applicability of Wealth Tax on Agricultural lands situated in the State of Jammu & Kashmir, because due to applicability of Article 370 in the said State the pow .....

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ion of law as had been so laid down by the Hon ble Supreme Curt, Hon ble Punjab & Haryana High Court, Entry 86 & Entry 97 as is so contemplated in the Union List of the Constitution of India and the Circular of the CBDT substantiating the assessee s contention. 5. That the CWT(Appeals) gravely erred in law that vide the Finance Act, 1992, the then Finance Minister had specifically brought only non-productive assets within the ambit of Wealth-tax Act,1957 and by no stretch of imagination .....

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y the assessee on the relevant Valuation date and were being used by her for the BUSINESS OF AGRICULTURE, thereupon as per section 2(ea) (i)(3) of the Weath tax Act, 1957 the same would remain specifically excluded from the definition of asset as contemplated by Sec. 2(ea) of the said Act. 7. That without prejudice to the aforesaid the Ld. CWT (Appeals) had erred in not appreciating that even otherwise as the lands owned by the assessee were agricultural lands and were subject to self-cultivatio .....

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at the CWT(Appeals) had erred in sustaining the order of the A.O. wherein the latter had not accepted the wealth-tax return so filed by the assessee. 3. Earlier, all these appeals were dismissed by the Tribunal vide order dated 22.05.2012 following the judgment, dated 16.12.2011 of the Hon ble Supreme Court in the case of Gurdip Singh Nagra vs. CWT and Others , in Special Leave to Appeal (Civil) No(s). 30267/2011 (from the judgment and order dated 06.04.2011 in WTA No.38/2010 of the Hon ble Punj .....

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ing of the Tribunal order dated 22.05.2012, vide amendment introduced by the Finance Act, 2013, section 2(ea)(v) of the Wealth Tax Act, has been amended with retrospective effect from 01.04.1993, whereby the agricultural land will not form part of assets due to which agricultural land is no longer liable to Wealth Tax with retrospective effect from 01.04.1993. He further stated that the assessment years in appeals are 2004-05 to 2006-07 and therefore, the retrospective amendment brought in after .....

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