TMI Blog2018 (10) TMI 750X X X X Extracts X X X X X X X X Extracts X X X X ..... Wealth Tax Act. The Assessing Officer, in all probabilities, from the return of income filed by the assessee under the Income Tax Act and the documents annexed therewith noticed that the assessee had sizeable investment in fixed asset valuation of which along with cash in hand showed by the assessee came to ₹ 2.30 crores (rounded off) after reducing the exemption wealth of ₹ 30 lacs. He prima facie believed that net taxable wealth of ₹ 2 crore had escaped assessment. After recording proper reasons, he issued the impugned notice/ We see no reason to interfere. The assessee's contention that the loans were raised to acquire such capital assets would require exemption and therefore assessment. While disposing of such an o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ets' of B/s as on 31st March, 2013 and these assets are chargeable to Wealth Tax in following manner: Land at Abha (Rs. 344,345) : ₹ 3,75,041/- Land at Abha (Rs 481) : ₹ 33,14,068/- Land at Piplod : Rs.17,87,108/- Land at Sultanabad (Plot No. 15) : ₹ 14,37,896/- Land at UmraPanas (S.No. 157) : ₹ 4,40,000/- Shop No. L-8 9(Royal Palace) : ₹ 60,31,315/- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... alance. Such objections were disposed of by the Assessing Officer by an order dated 23.04.2018 observing inter alia that the assessee had not established the nexus between unsecured loans and other liabilities in connection with the assets. The assessee has not explained how unsecured loans and other liabilities were applied to acquire the assets of the wealth. He also noticed that in the computation of income filed by the assessee for the assessment year 2007-08 and onwards, the assessee had claimed interest expenses under the head income from other sources . He referred to each figures mentioned in each year towards interest expenses and noted that for the assessment year 2013-14, such interest expenditure for income from other source we ..... X X X X Extracts X X X X X X X X Extracts X X X X
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