TMI Blog2016 (9) TMI 243X X X X Extracts X X X X X X X X Extracts X X X X ..... A.Ys 2006-07 to 2015-16 wherein the assessee has been declaring agricultural income also. In our opinion, all these documents need verification by the AO in view of the provisions of Rule 5A(3) of the Wealth Tax Rules, 1957. In view of the same, we deem it fit and proper to remand the issue to the file of the AO only for verification as to whether the said land is agriculture land and falls within the meaning of “urban land” u/s 2(ea) of the W.T. Act or not. Needless to mention that the assessee shall be given a fair opportunity of being heard - Decided in favour of revenue for statistical purposes. - WTA No. 40/Hyd/2015 - - - Dated:- 24-8-2016 - Smt. P.Madhavi Devi, Judicial Member And Shri B.Ramakotaiah, Accountant Member For th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... erefore, is not covered as urban land as per section 2(ea) of the Wealth Tax Act, 1957. She also observed that as per the Memorandum of Association of the assessee, the assessee is a registered company and its purpose is to carry on all the business of builders, developers and proprietors of flats, building, houses etc.,and agriculture is not the busienss of the assessee. She observed that the agricultural lands were purchased by the assessee for the purpose of investment and hence net wealth is not subject to wealth tax. Aggrieved by the said order of the CIT (A), the Revenue is in appeal before us. 4. The learned DR submitted that the assessee did not file the wealth tax return nor did anybody representing the assessee appear befor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... b, wherein it was held that if the assessee is in a posiion to estabilsh the character of the land as an agricultural land, although it is within the municipal limits, then such agricultural land cannot be treated as urban land so as to consider it as an asset for wealth tax purposes. 6. Having regard to the rival contentions, we find that the asset considered for wealth tax by the AO is claimed to be agricultural land by the assessee. Before the CIT (A), assessee has allegedly filed copies of the sale deeds and also pahanis for the relevant A.Ys. However, we find that the CIT (A), has neither verified the veracity and authenticity of the said documents by herself, nor has she called for a remand report from the AO. We find that she ..... X X X X Extracts X X X X X X X X Extracts X X X X
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