TMI Blog2021 (4) TMI 1010X X X X Extracts X X X X X X X X Extracts X X X X ..... e on the copies of Sale Deed, Encumbrance Certificate, etc. We are of the considered view that when the assessee became owner of the impugned land? i.e. whether during the period relevant to the AY 2008-09 or from the AY 2009-10, requires a fresh examination. We deem it fit to remit these issues to the file of the AO for a fresh examination. The assessee shall place relevant material in support of its contentions before the AO and comply with the requirements in accordance with law. The AO on due examination and after affording adequate opportunity to the assessee, shall determine the issues in accordance with law. Appeals filed by the assessee are tread as allowed for statistical purposes. - WTA Nos. 74 & 75/Chny/2017 - - - Dated:- 19 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... puthur was admitted ₹ 16,10,675/-. From the details available, it is seen that the assessee was in possession of 0.80 acres of land at Baraniputhur. The market value of the land is adopted based on the TN Reginet at ₹ 24,00,000/- and thus the net wealth for both the assessment years was determined. The AO charged interest u/s.17B and completed the assessments. Aggrieved, the assessee filed appeals before the Commissioner of Wealth Tax. The ld. Commissioner of Wealth Tax dismissed them. Aggrieved against those orders, the assessee filed these appeals. 4. These appeals were heard through videoconferencing. The Ld.AR submitted that the assessee is a non-resident. Pursuant to the notices issued u/s.17B of the Wealth Tax Act, the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r Book and pleaded that the assessee s appeals be allowed. 5. Per contra, the Ld.DR submitted that the Wealth Tax Officer proceeded to determine the wealth on the basis of wealth tax returns filed by the assessee for the AY 2008-09 and the financial statements. Therefore, the Ld.DR supported the orders of the lower authorities. 6. We heard the rival submissions and gone through the relevant material. It is clear from the above that the assessee became owner of the land during the period relevant to the AY 2009-10 only. However, the assessee pleads that when the compliances were made subsequent to the receipt of notices u/s.17B for various AYs in 2016, the assessee committed an error and admitted the value of land in the earlier year r ..... X X X X Extracts X X X X X X X X Extracts X X X X
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