9911796707
TMI Blog2019 (6) TMI 1199X X X X Extracts X X X X X X X X Extracts X X X X ..... sed in these appeals, hence they were heard together and are being disposed off by this consolidated order. 2. The issue raised in these appeals is whether certain assets can be excluded from the net wealth of the assessee for the purpose of wealth-tax assessment. 3. Briefly stated the facts of the case are as follows:- The assessee is an individual engaged in the real estate business. There was a search conducted u/s 132 of the Income-tax Act in the case of Sri.P.H.Abdul Majeed and M/s.Sevana Group of Medical Stores on 18.12.2013. The assessee's case was also covered under the search. It was noticed that the assessee owns assets liable to be taxed under the provisions of Wealth-tax Act, 1957. Therefore, notice u/s 17 of the Wealth-tax A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... it cannot be stated that the assessee is aggrieved by the orders passed by the Assessing Officer. Further, the CIT(A) observed that the assessee did not file any revised statement of wealth and therefore, the contentions raised now cannot be adjudicated and dismissed the appeals of the assessee as not maintainable. The relevant finding of the first appellate authority in dismissing the appeals filed by the assessee reads as follow:- "8. I have gone through the assessment order and submission of the appellant. In this case, the appellant has filed his Returns of Wealth and Assessing Officer has accepted the same, without making any additions. Since the Assessing Officer has not made any addition to Return of Wealth filed by the appellant, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... le properties as assets liable to wealth tax in a case where the appellant is dealing in real estates. 4. The Id CWT has gone wrong in dismissing the appeal on the ground that the wealth tax assessment has been passed only on the basis of the net wealth returned by the appellant who has offered those assets which are his stock in trade. 5. The Id. CWT ought to have found that the landed properties being stock in trade of the appellant do not form part of the net wealth as per the proviso to See 2(ea)(iii). 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ealth of the assessee, which are not owned by him but certain other entities. Further the contentions of the assessee is that he is in the business of real estate and the land which had shown as assets in the wealth-tax returns is a mistake since it is a stock-in-trade as specified u/s 2(ea) of the Wealth-tax Act, 1957. The same is the contention with regard to the motor vehicle, which had shown as an asset in 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... view that the matter needs to be considered by the Wealth-tax Officer. The 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 needs to be excluded from the net asset of the assessee for the wealthtax assessment. It is ordered accordingly.
9. In the result, the appeals filed by the assessee are allowed for statistical purposes.
Order pronounced on this 24th day of June, 2019. X X X X Extracts X X X X X X X X Extracts X X X X
|
