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Wealth Tax Officer, Ward 16 (2) Hyderabad Versus M/s. Nikhila Estates (P) Ltd.

2016 (9) TMI 243 - ITAT HYDERABAD

Nature of land - wealth assessment - “urban land” - Held that:- 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 has accepted the asses .....

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ure 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 the Revenue: Shri A. Sitarama Rao, DR For the Assessee : Shri A.S.R.S.S.Siva Prasad ORDER Per Smt. P. Madhavi Devi, J. M. This is Revenue s a .....

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that there is an escapement of wealth from taxation, a notice u/s 17 was issued to the assessee. However, there was no response to the same from the assessee. Therefore, AO issued notice u/s 16(2) indicating completion of the scrutiny assessment by treating the land of ₹ 80,69,950 as taxable wealth. In view of the continuing non compliance, the assessment was completed treating the amount of ₹ 65,69,950 as taxable wealth and tax demand of ₹ 69,642 was raised accordingly. 3. Ag .....

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e, 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 .....

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the AO. But since the CIT (A) has deleted the wealth tax demand raised by the AO, in violation of the provisions of Rule 5A of the Wealth Tax Rules, he prayed that the issue may be remanded to the file of the AO for verification of the evidence filed by the assessee. 5. The learned Counsel for the assessee, on the other hand, supported the orders of the CIT (A) and submitted that the assessee, being a company, has invested in purchasing of the agricultural land and the assessee had also carried .....

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