2019 (3) TMI 658 - AT - Wealth-tax

Inheritance of property - Held that - The facts and circumstances of the present appeal are identical to the facts in H.H. BHAWANI SINGH (INDIVIDUAL) , VERSUS ASST. COMMISSIONER OF WT, NEW DELHI 2011 (2) TMI 1560 - ITAT DELHI , where The Tribunal has restored the matter to the file of the first appellate authority. We set aside the issue to the file of the learned first appellate authority for fresh adjudication in accordance with the order of the Tribunal - the appeal of the assessee is allowed for statistical purposes.

Summary

Issues Involved:
1. Valuation of immovable property
2. Valuation of dynasty jewellery
3. Valuation of jewellery
4. Assessment of wealth outside India
5. Valuation of fixed deposit
6. Claim of liabilities against declared wealth
7. Appeal for varying or adding grounds

Valuation of Immovable Property:
The appeal contested the assessment of immovable property at a specific value without adequate justification or details. The counsel referred to an ongoing civil suit in the High Court related to inheritance issues affecting the determination of net wealth. The counsel urged setting aside the matter to the first appellate authority based on previous tribunal orders. The tribunal noted the similarity with past cases and remanded the issue for fresh adjudication post the civil suit decision.

Valuation of Dynasty Jewellery:
Similar to the immovable property issue, the valuation of dynasty jewellery was contested without clear reasoning for the assessment. The tribunal, considering the ongoing civil suit and previous tribunal orders, set aside the matter for fresh adjudication by the first appellate authority.

Valuation of Jewellery:
The appeal challenged the enhanced valuation of jewellery without proper justification or details provided. The tribunal, in line with previous decisions and the pending civil suit, remanded the issue for fresh adjudication post the civil suit's resolution.

Assessment of Wealth Outside India:
The appeal disputed the assessment of wealth outside India at a specific value. The tribunal, noting the ongoing civil suit's relevance, set aside the issue for fresh adjudication by the first appellate authority.

Valuation of Fixed Deposit:
The assessment of the fixed deposit value was contested without clear basis or details provided. The tribunal, aligning with past decisions and the pending civil suit, remanded the issue for fresh adjudication by the first appellate authority.

Claim of Liabilities Against Declared Wealth:
The appeal raised concerns regarding the disallowance of liabilities claimed against the declared wealth. The tribunal, considering the ongoing civil suit and previous tribunal orders, set aside the matter for fresh adjudication by the first appellate authority.

Appeal for Varying or Adding Grounds:
The appellant sought permission to vary or add to the grounds of appeal if necessary in the interest of justice.

This judgment by the Appellate Tribunal ITAT Delhi addressed various issues related to the valuation of assets and assessment of wealth for the appellant. The tribunal observed the ongoing civil suit impacting the determination of net wealth and referred to previous tribunal orders setting aside similar matters for fresh adjudication post the civil suit's resolution. The tribunal emphasized the need for proper justification and details in assessments, aligning with legal requirements and precedents. The decision aimed to ensure a fair and accurate assessment of the appellant's wealth in accordance with the law and relevant legal proceedings.