TMI Blog2019 (6) TMI 1199X X X X Extracts X X X X X X X X Extracts X X X X ..... pellate authority that the assets disclosed in the return of net wealth cannot be included in the net wealth for the purpose of wealth-tax assessment. Similar view was held in the case of Raghavan Nair v. ACIT Anr. [ 2018 (1) TMI 863 - KERALA HIGH COURT] We are of the view that the matter needs to be considered by the Wealth-tax Officer. WTO shall examine the documents and come to a conclusion whether the claim of the assessee that certain assets should be excluded from the net wealth of the assessee for the Wealth-tax assessment. For the above said exercise, the entire issues raised in these appeals are restored to the Wealth-tax Officer. The assessee shall co-operative with the Wealth-tax Officer and prove his case whether assets ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to be taxed under the provisions of Wealth-tax Act, 1957. Therefore, notice u/s 17 of the Wealth-tax Act was issued to the assessee for assessment years 2008-2009 to 2013-2014. In response to the notice, the assessee filed the return of wealth for assessment years 2008-2009 to 2013-2014. The Wealth-tax Officer has completed the assessments accepting the wealth returned by the assessee for assessment years 2008-2009 to 2013-2014. 4. The assessee filed appeals to the first appellate authority contending that the assessee had made a mistake in including certain assets in the net wealth of the assessee in the returns filed for assessment years 2008-2009 to 2013- 2014. It was contended by the assessee before the first appellate a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cepted the same, without making any additions. Since the Assessing Officer has not made any addition to Return of Wealth filed by the appellant, it cannot be said that the assessee is aggrieved by the order passed by the Assessing Officer. The appellant has not filed any revised statement of Wealth, which was not considered by the Assessing Officer. Therefore, since there is no addition made by the Assessing Officer, there cannot be an appeal for accepting the results declared by the Appellant himself by way of filing Return of Wealth. The appeals are not maintainable. The same are hereby dismissed. 6. Aggrieved by the consolidated order of the first appellate authority, the assessee has filed the present appeals before the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 6. The Id. CWT has gone wrong in treating the Motor Cars as assets, when these cars are used by the appellant for taking clients to plots for sale forming part of his business. 7. The Id. CWT has erred in treating the cash on hand as asset chargeable to wealth tax when it is the cash balance offered for assessment after arriving at the Net Income taking into account such cash balance, while computing increase in wealth for Income Tax Assessment. For these and such other grounds that may be urged at the time of hearing, the immovable properties may be treated as stock in trade and excluded from Net Wealth. 7. The learned Counsel for the assessee has filed three written submi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the wealth-tax returns. The assessee has produced sale documents to prove that certain assets which are included in the wealth-tax returns are not wholly owned by him but with other entities. Further, admittedly, the assessee is engaged in the business of real estate and this fact is borne out from the assessment order completed u/s 16(3) of the Wealth-tax Act, 1957 (refer column 9 page 1 of the assessment order). The land which is a business asset is excluded from the wealth-tax assessment. The learned AR has also produced the income-tax assessment of assessee to prove that certain assets disclosed in the net wealth of the assessee when the same was sold in the subsequent years, the income from same was discl ..... X X X X Extracts X X X X X X X X Extracts X X X X
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