TMI Blog2016 (11) TMI 63X X X X Extracts X X X X X X X X Extracts X X X X ..... or giving relief to the assessee. On perusal of the order of the Tribunal, we find that the Tribunal was concerned with the allowability of exemption of the value of a residential house on a plot of land under section 5(1)(vi) and while giving a finding that the exemption is not allowable in the said case as the construction of the house was not complete, the Tribunal has allowed exemption of the value of the plot upto 500 sq. Mts. Thus, the facts of the said case are distinguishable from the facts of the case before us as we are concerned with the allowability of exemption under the proviso to section 5(1)(vi) of the Wealth Tax Act. Therefore, the stand of the Assessing Officer is upheld and the Revenue’s appeals for all the assessment yea ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of ₹ 18,59,000. He also observed that the assessee has filed the net wealth statement during the assessment proceedings under section 153A of the I.T. Act. On perusal of the above details in the return of wealth, the Assessing Officer observed that the assessee is owning a plot admeasuring 935 sq. yards at Jubilee Hills Coop. Housing Society at Plot No.509-M-III and a car of book value of ₹ 4 lakhs as on 31.03.2004. He observed that in the net wealth statement, the assessee has shown only ₹ 338 sq. yards as the taxable asset after claiming exemption to the extent of land 597 sq. yards @ ₹ 5,500. Since the plot owned by the assessee is more than 500 sq. mts., the Assessing Officer held that the value of the entire ass ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... .1. From the literal reading of the above provision, it is clear that it is an asset being plot of land comprising of an area of 500 sq. mts or less which is exempt from tax and not up to 500 sq. mts or less. Therefore, the finding of the CWT(A) is not tenable since the assessee possesses the plot of land consisting of 935 sq. yards. Further, we find that the CWT(A) has followed the decision of ITAT in the case of Shri Sunil B. Handa in WTA.Nos. 15 to 18/Ahd/2009 dated 29.06.2012 for giving relief to the assessee. On perusal of the order of the Tribunal, we find that the Tribunal was concerned with the allowability of exemption of the value of a residential house on a plot of land under section 5(1)(vi) and while giving a finding that the e ..... X X X X Extracts X X X X X X X X Extracts X X X X
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