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2016 (11) TMI 63 - ITAT HYDERABAD

2016 (11) TMI 63 - ITAT HYDERABAD - TMI - Exemption of the value of the plot to the extent of 500 sq. mts under section 5(1)(vi) of the Wealth Tax Act - CIT(A) treating it as a basic exemption limit and deleting the addition made by the A.O. in respect of such limit - Held 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 .....

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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 years are allowed. Further, the issue of addition .....

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appeals for the A.Ys. 2004-05 to 2008-09. In all these appeals, the only grievance of the Revenue is that the CIT(A) has erred in allowing the exemption of the value of the plot to the extent of 500 sq. mts under section 5(1)(vi) of the Wealth Tax Act treating it as a basic exemption limit and deleting the addition made by the A.O. in respect of such limit. The Revenue is also in appeal against the deletion of addition made towards net value of movable property i.e., car value which was not offe .....

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h 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 .....

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as per section 5(1)(v) of the W.T. Act and only the balance plot area of 338 sq. yards should be considered for wealth tax purposes. As far as the value of the car is concerned, the CWT(A) did not give any finding. Against this order of the CWT(A), the Revenue is in appeal before us. 4. The Ld. D.R. submitted that the exemption granted is only in the case of an assessee holding a plot comprising of an area of 500 sq. mts., or less but it is not a standard deduction that the exemption is to be gi .....

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