2019 (8) TMI 4 - AT - Wealth-tax

Wealth tax assessment - difference between the fixed assets as per the Balance sheet and the assets declared in the wealth tax return - HELD THAT - From perusal of the assessment order as well as that of the CIT(A) we find that the assessee failed to appear on various occasions and also did not filed necessary details before the A.O. Though the Counsel for the assessee claimed that all necessary details were filed before CIT(A) but CIT(A) has not given due cognizance. We therefore in the interest of justice and to be fair to both the parties accept the request of Ld. Counsel for the assessee which has not been controverted by Ld. Departmental Representative to set aside all the issues raised in all the four appeals to the file of Ld. CIT(A) for afresh adjudication after examining various details and documents to be filed by the assessee. Needless to mention that proper opportunity of being heard should be provided to the assessee and simultaneously also direct the assessee to appear on the given date of hearing and should not seek any adjournment unless otherwise required for reasonable cause and also to cooperate in the appellate proceedings. Appeals allowed for statistical purposes.

Summary

Issues Involved:
Appeals against Wealth Tax assessments for Assessment Years 2010-11 to 2013-14; Disallowance of exemptions on various assets; Addition on account of difference in Fixed Assets; Opportunity for the assessee to present additional details before the CIT(A).

Analysis:

Assessment Year 2010-11:
The assessee challenged the assessment where the AO assessed net wealth higher than the declared amount, disallowed exemptions on a motor car and cash, and made additions for the alleged difference in fixed assets. The CIT(A) partly upheld the additions. The Tribunal noted that the assessee failed to appear on various occasions and did not provide necessary details. The Tribunal allowed the appeal, setting aside the issues for fresh adjudication by the CIT(A) with proper opportunity for the assessee to present additional details.

Assessment Year 2011-12:
Similar issues were raised for this assessment year, including disallowance of exemptions and addition on account of the difference in fixed assets. The Tribunal decided to set aside the issues for fresh adjudication by the CIT(A) to allow the assessee to present further details.

Assessment Year 2012-13:
The AO assessed net wealth higher than the declared amount, disallowed exemptions on various assets, and made additions for the difference in fixed assets. The Tribunal directed a fresh adjudication by the CIT(A) to consider additional details that the assessee may provide.

Assessment Year 2013-14:
The AO assessed net wealth higher than the declared amount, disallowed exemptions, and made additions for the difference in fixed assets. The Tribunal set aside the issues for fresh adjudication by the CIT(A) to allow the assessee to present additional details.

Overall Analysis:
The Tribunal found that the assessee had not provided all necessary details before the authorities. Therefore, the Tribunal allowed all four appeals for statistical purposes and directed a fresh adjudication by the CIT(A) for all the issues raised across the assessments. The Tribunal emphasized providing proper opportunity for the assessee to be heard and to cooperate in the proceedings.

This comprehensive analysis covers the issues raised in the appeals against the Wealth Tax assessments for multiple years, detailing the specific challenges faced by the assessee and the Tribunal's decision to allow the appeals for fresh adjudication by the CIT(A) to ensure fairness and proper consideration of all relevant details.