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Shri Ashwin C. Shah Versus ITO, Ward-2 Godhra

2018 (2) TMI 736 - ITAT AHMEDABAD

Determination of net-wealth for the purpose of Wealth Tax Act - Held that:- Sub-section 2 of section 50C provides a remedy to the assessee in case he has aggrieved with adoption of such sale consideration on the basis of deeming provision. He can file a reference to the AO and the AO shall send the reference to the DVO for determining fair market value of the property on the date of transfer. Thus, it cannot be taken as gospel truth. - The assessee has to be given an opportunity to contest .....

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n can be made without confronting the assessee with report of the DVO ?. We are of the view that ends of justice will be met, if we set aside order of the CWT(A) and restore all these issues to the file of AO. AO shall provide copies of DVO’s report in case those reports are being relied upon by him for determination of net wealth - Appeals of the assessee are allowed for statistical purpose. - WTA. No. 25 to 30/Ahd/2017 - Dated:- 1-2-2018 - Shri Rajpal Yadav, Judicial Member And Shri Amarjit Si .....

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e facility of reference, we take up the facts from the assessment year 2007-08. According to the AO, on verification of record it revealed to him that wealth of the assessee exceeds limits under the Wealth tax Act, and he has not filed his return of wealth. Therefore, a notice under section 17 of the Wealth Tax Act dated 26.3.2014 was issued and served upon the assessee. However, the assessee did not file return for the Asstt.Year 2007-08 and the ld.AO has issued a notice under section 16(4) of .....

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00 73932 4 Agr. Land 7 At. Narol, Ahmedabad 11062 18/11/03 2725000 3054590 5 Agr. Land 1/1 I At. Goli, Godhra 63916 18/08/08 22500 225000 3611547 3. From the assessment year 2009-10, there is an addition of one more property viz. 1/4th share in plot no.225/1, Vavdi, Bujarg. The area of this property has been shown at 7538 sq.meters. It was acquired on 18.7.2008 for a consideration of Rs.,1,32,518/- for the purpose of wealth-tax. Thus, from the assessment year 2009-10, net wealth shown by the ass .....

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artly allowed appeal of the assessee. The discussion made by the ld.CIT(A) in the Asstt.Year 2007-08 reads as under: 4.3. I have considered the submissions of the learned Authorized Representative and the order of the Assessing Officer. The appellant has taken a plea that the A.O has not adopted the valuation of land situated at different places. Since, the assets (land) is agricultural and hence outside the purview of wealth tax. 4.4. The A.O in his assessment order has determined the value by .....

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dhra, the AVO , Ahmedabad has determined the value of different land. The details of value adopted by A.O and AVO are as under: Survey No. Sq.Mtr. Valuation by 'A' Valuation as per Report of Valuation as per Index rate Whichever is higher out of As per AVO report dt. 27.10.15 1 2 3 4 5 6 7 8 1 44/16 P 31 Vavdi Bujarg,Godhra 719.2 84,671 86,280 4,31,520 4,31,520 4,46,597 2 44/16 Vavdi Bujarg,Godhra 712.4 73,932 74,089 4,27,440 4,27,440 4,46,597 4.7. As per the report of the A.O dated 16.0 .....

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Property of R.S.7, Narol, Ahmedabad on receipt of the report from the AVO, if the valuation is more than the value of the property declared and accepted by the A.O. 4.9. The A.O has adopted the value of land 1/1 At Goli,Godhra at ₹ 5,75,244/-, whereas the appellant has shown it at ₹ 2,25,000/- and, thus, there was a difference of ₹ 3,50,244/-. The A.O has reported vide letter dated 16.01.2017 that report of AVO-1, Ahmedabad is still awaited. The A.O is directed to adopt the va .....

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eedings, the Assessing Officer has not discussed anything else about the above ground. 5.2. In appeal the Ld. Authorized Representative has made written submission as under: "Being consequential in nature, the AO be directed to recalculate the interest u/s 17B of the IT Act" 5.3. The charging of interest is mandatory in view of Hon'ble Supreme Court decision in the case of Anjum M H Ghaswala 252 (2001) ITR 1 (SC) hence, this ground of the appellant fails. 4. The ld.counsel for the .....

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f the view that the ld.AO failed to adhere to the procedure contemplated in Wealth Tax Act for determining value of the asset for the purpose of taxability under the wealth- tax Act. The alleged jantri value is nothing but a corroborative piece of evidence notified by the stamp valuation authority for the purpose of charging stamp duty on registration of sale deed. In a way, it is a ready-made reckoner to determine rate in a particular area. But it is always subject to challenge even under the I .....

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