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TMI Blog2018 (7) TMI 144X X X X Extracts X X X X X X X X Extracts X X X X ..... rted into non-agricultural land. 5. On appeal before the ld. CWT(A), it was submitted that this land was converted into stock-in-trade under section 2(ea)(b) of the Act. The ld. CWT(A) gave a categorical finding that the land at Nagaram village was already converted into non-agricultural land and after conversion, the assessee has not offered any income under the head business and confirmed the order of the Assessing Officer. 6. We have heard both the parties, perused the material available on record and orders of the authorities below. 7. The ld. CWT(A) himself accepted that the land has already been converted into non-agricultural and the same has shown as stock-in-trade. Once assessee has treated the land which is in dispute is stock-in-trade, it has to be treated as business asset. Simply because assessee is not offered income from real estate, nature of the asset cannot be changed. Therefore, we allow this ground of appeal raised by the assessee. W.T.A. No. 12/VIZ/2017 8. Ground No.1 is general in nature, therefore, our adjudication is not required, same is dismissed. 9. Ground No. 2 is relating to the house site at Tenali to the extent of 1400 sq.ft. 10. The assessee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Act, 2013 retrospectively, the land which is in dispute is not included within the definition of the urban land and is accordingly exempt under section 2(ea) of the Wealth Tax Act. In this case, Assessing Officer has not examined whether the land is an agricultural land or not. The assessee also failed to produce the relevant material before the Assessing Officer in this regard. Insofar as non-conversion of agricultural land is concerned, this aspect is not considered by the Assessing Officer. Under these facts and circumstances of the case, we are of the opinion that the entire issue involved in this appeal has to be re-examined after considering the relevant material. Therefore, we set aside the order passed by the ld.CWT(A) and remit the matter back to the file of the Assessing Officer to adjudicate this ground of appeal raised by the assessee denovo in accordance with law. We also direct the assessee to file the relevant details, such as, pattadaar passbook and other revenue records. Thus, this ground of appeal raised by the assessee is allowed for statistical purposes. 15. Ground No.5, which is similar to the ground No.4 of this appeal. Therefore, this issue is also remande ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... thapet. This ground is similar to the ground No.4 of this appeal. Therefore, this issue is also remanded back to the file of the Assessing Officer to consider afresh. Thus, this ground of appeal raised by the assessee is allowed for statistical purposes. 24. Ground No.9 relating to the flat situated at Chandanagar. The Assessing Officer has assessed the market value of flat No.7, survey No. 361 situated at Chandanagar, Serilingampally Mandal at Rs. 17,31,000/- and as per the market value of the property, rental income has been calculated at Rs. 6,000/- per sq.yrd. The assessee contended before the Assessing Officer that the said flat was let out for 300 days and the same is exempt under section 5 & 6 of the Wealth Tax Act. The Assessing Officer did not consider the explanation submitted by the assessee that the exemption claimed is not covered under section 5 & 6 of the Wealth Tax Act. 25. On appeal, ld. CWT(A) scaled down the market value of rent at 5,000/- per sq.yard in relation to structure and directed the Assessing Officer to value the same at Rs. 14,40,000/-. Both the Assessing Officer and the ld. CIT(A) have not considered the submissions made by the assessee with regard ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g 10(1) Adangal & Pattadaar Passbook and other details. Hence, our decision at Para No.22 of this order shall apply mutatis mutandis to this ground also. Thus, this ground of appeal raised by the assessee is allowed for statistical purposes. 34. Ground No.8 relating to the land to the extent of 12.39 acres at Kothapet, this ground is similar to the ground No.4 in W.T.A.No. 12/VIZ/2017, wherein we have considered the issue and set aside the order passed by the ld. CIT(A) and remanded the matter back to the Assessing Officer for fresh consideration. Therefore this issue is also remanded back to the file of the Assessing Officer to consider afresh. Thus, this ground of appeal raised by the assessee is allowed for statistical purposes. 35. Ground No.9 relating to the flat at Chandanagar, which has already been adjudicated in WTA No.12/VIZ/2017 as ground No.9. Hence, our decision at Para No.25 of this order shall apply mutatis mutandis to this ground also. Thus, this ground of appeal raised by the assessee is allowed for statistical purposes. 36. Ground No.10 is general in nature, no separate adjudication is required, therefore, same is dismissed. W.T.A.No. 14/VIZ/2017 37. Ground ..... X X X X Extracts X X X X X X X X Extracts X X X X
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