2011 (2) TMI 1560 - AT - Income Tax

Summary

Issues involved:
The judgment involves appeals by the assessee against orders of Learned CWT(Appeals) for assessment years 2002-03 to 2007-08, concerning valuation of immovable property, Dynasty Jewellery, jewellery, wealth outside India, and fixed deposit.

Valuation of Immovable Property:
The assessee challenged the assessment of immovable property at Rs. 6,39,10,92,000 by the CWT(Appeals) for lack of justification and details of addition. The counsel highlighted pending civil suit affecting inheritance disputes, citing previous ITAT orders setting aside similar issues for fresh adjudication. The ITAT found identical circumstances in earlier years, setting aside the order for fresh adjudication post civil suit decision.

Assessment of Dynasty Jewellery:
The CWT(Appeals) assessed Dynasty Jewellery at Rs. 9,00,00,000 without providing reasons or cause for the addition. The counsel pointed out previous ITAT orders setting aside similar issues for fresh adjudication post civil suit decision, leading to the ITAT setting aside the order for fresh adjudication.

Valuation of Jewellery:
The CWT(Appeals) assessed the value of jewellery at Rs. 3,59,71,984 without proper justification or details of addition. The counsel referenced previous ITAT orders for similar issues, leading to the ITAT setting aside the order for fresh adjudication post civil suit decision.

Assessment of Wealth Outside India:
The CWT(Appeals) assessed wealth outside India at Rs. 16,18,420 without detailed justification. The counsel referred to previous ITAT orders, advocating for setting aside the issue for fresh adjudication post civil suit decision, which the ITAT upheld.

Assessment of Fixed Deposit:
The CWT(Appeals) assessed the value of a fixed deposit at Rs. 5 lakhs without adequate justification or details of addition. The counsel relied on previous ITAT orders, urging for the issue to be set aside for fresh adjudication post civil suit decision, which the ITAT agreed to.