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2018 (3) TMI 813

assessee in his statement admitted that investments in the movable and immovable properties listed above are made out of undisclosed income. AR has reiterated the fact that the assessee has financed for purchase of assets in the name of his wife and nephews. It is also an un-rebutted fact that the assessee has disclosed the assets listed above in his block return of income. No reason to disturb the findings of Commissioner of Wealth Tax (Appeals). The order of Commissioner of Wealth Tax (Appeals) in confirming the additions is well reasoned and justified. We concur with the same. Accordingly, the impugned order is upheld and appeals of assessee are dismissed. - The assessee has filed certain documents as additional evidences to substant .....

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98 to 2003-04, the Assessing Officer observed that the assessee had taxable wealth which had escaped from assessment as on 31.03.2002. The Assessing Officer issued notice u/s.17 of the Wealth Tax Act, 1957 (hereinafter referred to as the Act ) for the assessment years 2002-03 and 2003-04. In response to notice, the assessee filed his Return of Wealth for assessment year 2002-03 on 30.03.2009 declaring net wealth of ₹ 4,72,800/- and Return of Wealth for the assessment year 2003-04 on 23.03.2009 declaring net wealth of ₹ 16,72,400/-. However, the Assessing Officer made addition of the following assets in the net wealth of the assessee declared for the respective assessment years. Sr. No. Particulars Assessment years 2002-03 2003-0 .....

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ellant s case and in law, the ld. CWT , Appeals erred in upholding that, following assets are taxable under the provision of Wealth Tax Act as held by ld. AO when all these assets are out of purview of term asset u/s. 2(ea) of the W.T. Act, 1957. Sr. No. Particulars of Asset Amount of Asset 1. 2. 3. 01. Flat at Shraddha Vihar Apartment 2,65,000/- 02. Flat at Florina Apartment, Modi 8,45,000/- 03. Flat at Modi 7,71,790/- 04. Farm House at Pratap Nagar 54,88,518/- 05. Camp Land 11,00,000/- 06. Gold Ornaments 10,49,185/- 07. Vehicles 10,49,185/- Total (01 to 07) : 1,05,68,678/- 1) The learned CIT(A) while confirming the above additions has erred in basing these additions on presumptions and ignoring the relevant facts and evidences. 2) The App .....

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properties are registered in the name of assessee. The ld. AR further submitted that documentary evidences clearly indicate that these properties are not owned by the assessee. The ld. AR explained that flat at Shraddha Vihar, Solapur belongs to Shri Rajnikant Hatibelgal, nephew of assessee. Flat at Flowerina Apartment, Wadgaon is registered in the name of Mrs. Neeta Puranchandra Rao, wife of assessee. Two flats at Modi, Solapur are jointly owned by Shri Rajnikant Hatibelgal and Shri Shashikant Hatibelgal, nephews of assessee. The farm house at Pratap Nagar is in the name of Mrs. Neeta Puranchandra Rao. The vehicles, one Maruti car bearing registration No. MH-13 S 1212 is registered in the name of Shri Rajnikant Hatibelgal and another vehic .....

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which could not furnish before the Authorities below. Therefore, the same may be taken on record. The ld. AR pointed that these documents have been furnished to show that various properties which have been included in the net wealth of assessee, actually do not belong to him. There are vital document for adjudication of appeals. 5. On the other hand, Dr. Vivek Aggarwal representing the Department vehemently supporting the findings of Commissioner of Wealth Tax (Appeals) submitted that assets listed by the Assessing Officer were purchased by assessee from undisclosed income. The assessee had declared all the assets belong to his family members in his block return of income. The assessee in his statement recorded u/s. 132(4) of the Income Ta .....

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is also an un-rebutted fact that the assessee has disclosed the assets listed above in his block return of income. In view of the admitted facts, we find no reason to disturb the findings of Commissioner of Wealth Tax (Appeals). The order of Commissioner of Wealth Tax (Appeals) in confirming the additions is well reasoned and justified. We concur with the same. Accordingly, the impugned order is upheld and appeals of assessee are dismissed. 7. The assessee has filed certain documents as additional evidences to substantiate that the properties added in the net wealth of assessee are not registered in his name. The ld. AR has failed to give any plausible reason as to why these documents have not been placed before the Assessing Officer or Com .....

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