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Issues:
Challenging the order of the learned CIT(A) on various grounds including the issue of notice under section 17 and valuation of land as an asset under the Wealth-tax Act. Analysis: 1. The assessee contested the order of the learned CIT(A) challenging the issue of notice under section 17 and the consequential reassessment order passed by the Assessing Officer. The assessee claimed the land in question was agricultural and should not be considered an asset under section 2(ea) of the Wealth-tax Act. The Assessing Officer found the land was acquired for development and sale, located close to the proposed international airport, within 8 kms of Municipal limits, and part of urban land. The first appellate authority upheld the assessment, leading to further appeal before the Tribunal. 2. During the hearing, the assessee argued that the land was agricultural and disputed the valuation placed on the land. The counsel highlighted the presence of coconut trees and agricultural character of the land. The revenue representative defended the assessment, emphasizing the proximity to urban development and the absence of agricultural income claimed by the assessee. The Tribunal considered these arguments. 3. The Tribunal noted that the land was jointly purchased in 1986, with no agricultural income claimed in the return. While coconut trees were present, no evidence of agricultural operations was provided. The land was sold for a substantial amount, triggering the notice under section 17. The Tribunal found that the land's location and intended use for commercial purposes aligned with the definition of an asset under the Wealth-tax Act. The Tribunal also referenced relevant notifications and agreements regarding the land's disposition and acquisition. 4. Addressing the alternative plea for a lower valuation of the land, the Tribunal scrutinized the sale transactions and valuations provided. The Tribunal found the Assessing Officer's valuation to be appropriate based on the sale proceeds realized by the assessee. The Tribunal dismissed the assessee's plea for a lower valuation, affirming the correctness of the assessment. 5. Ultimately, the Tribunal upheld the order of the learned CIT(A) and dismissed the appeals of the assessee. The judgment confirmed the classification of the land as an asset under the Wealth-tax Act and endorsed the valuation determined by the Assessing Officer, concluding the legal proceedings.
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