TMI Blog2019 (1) TMI 1295X X X X Extracts X X X X X X X X Extracts X X X X ..... ner of the agricultural land for raising any construction thereon. The issue is, therefore, covered in favour of the assessee by judgment of Karnataka High Court in the case of M.R. Raghuram [2013 (7) TMI 1116 - KARNATAKA HIGH COURT]. It may also be noted here that no evidence has been brought on record that the land in question was not used for agricultural purposes. Thus, the case of the assessee would fall within the exception to the Rule and as such, the same could not be considered as an asset under the Wealth Tax Act for the purpose of levy of Wealth Tax on the same. We, accordingly, set aside the orders of the authorities below and delete the additions. - Decided in favour of assessee. - WTA No. 16/Del/2017 And WTA No. 17/Del/2017 - ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tural land in the records of the Government and used for agricultural purposes, will not be treated as asset. The AO, however, noted that assessees were not able to produce any evidence to prove that land was used for agricultural purposes, therefore, explanation of assessees were rejected and it was treated as urban land u/s 2(ea) of the WT Act and added to the wealth of the assessees. The Ld. CIT(A) on the same reasoning confirmed the additions and dismissed the appeals of the assessees. 4. Ld. Counsel for assessee reiterated the submissions made before authorities below. He has submitted that land purchased by the assessees being an agricultural land, is not to be considered as an urban land and is thereby not to be included in the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n 2013 (7) TMI 1116 in which it was held in para 2 and 3 as under: 2. It is unnecessary to extract clause (b) of Explanation 1 to Section 2(ea) of the Wealth-tax Act, 1957 in which the urban land is defined to exclude land on which construction of a building is not permissible. Suffice it to state that the provisions of the Karnataka Land Revenue Act, 1964, does not permit construction of buildings on agricultural lands unless the Deputy Commissioner exercises a jurisdiction u/s 95 of the said Act, to permit the owner or occupier of the agricultural lands to divert the use of the land from agriculture to non-agriculture purposes, on an application. Therefore, unless the petitioner makes an application to the Deputy Commissioner for ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... .09.1989 by which the seller has purchased the agricultural land. In the sale deed the property in question has been specifically mentioned as agricultural land. The copy of the sale deed in favour of the assessees dated 17.12.2012 have been filed in the Paper Book executed by Shri Rakesh Kumar Goyal in favour of both the assessees and others. It is mentioned in the registered sale deed that use factor is Agricultural and structure type is also an agricultural land. The property under sale is agricultural land . In the schedule to the sale deed the land in question have been mentioned as agricultural land and the description of the property in question have also been mentioned as agricultural land in the sale deed. Thus, it is not in d ..... X X X X Extracts X X X X X X X X Extracts X X X X
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