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TMI Blog2004 (10) TMI 548X X X X Extracts X X X X X X X X Extracts X X X X ..... ce with law, so the same is liable to be cancelled. ( ii )That the learned CIT(A) ought to have held that the land in question is agricultural land and such land would not come within the definition of asset under section 2( ea ) of the Act. Alternatively and without prejudice, even if the land in question constitutes an asset as defined under the Wealth-tax Act, the valuation of such land at Rs. 1.25 crores is arbitrary and unrealistic, so the land may be valued at Rs. 4.80 lakhs. 2. The assessee is assessed to wealth-tax on the files of the Wealth-tax Officer, Ward-8(2), Bangalore. Notices under section 17 of the Wealth-tax Act were issued on 12-11-1999 in response to which the assessee filed Nil return of wealth on 22-2-2002. N ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y was sold at two different times and realised Rs. 17 lakhs during the assessment year 2001-02 and Rs. 1,22,00,000 during assessment year 2000-01. The Assessing Officer completed the assessment under the Wealth-tax Act on a total wealth of Rs. 1.08 crores. The assessee carried the same unsuccessfully in appeal before the first appellate authority. Now the assessee is in further appeal before the Tribunal. 3. At the time of hearing we have heard Shri A. Kulkarni, learned Advocate for the assessee and Shri K.N. Shyam Sundhar, learned representative for the revenue. The assessee has also filed paper book running into 1 to 101 pages, the same is placed on record. The gist of argument on behalf of the assessee is that the land in question is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... see. We have considered the rival submissions. 4. The property/land was purchased by the assessee jointly with other persons during April, 1986. This fact was not disputed that in its return, the assessee has not claimed agricultural income, but merely harping that agricultural operation was carried out. At the same time, the revenue has also not disputed the existence of coconut trees. No proof of land tilling or agricultural operation was produced by the assessee before the authorities below or before us. This fact was also not disputed that the land in question fetched the assessee a sale consideration of Rs. 1.39 crores, so the officer issued notice under section 17 of the Wealth-tax Act, asking the assessee to file the return of we ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Municipal limits. We have also gone through the letter dated 7-10-1998 addressed to Shri Anoop Shah, Advocate by the Bangalore Development Authority, in which there is a mention of section 19(1) of the BDA Act, 1976, in which it has been opined that Government of Karnataka has declared the said land to be needed for public purposes vide final Notification No. HUF 711 MNX 94, dated 18-1-1995, which was published in the Karnataka Gazette on 20-1-1996. Our attention was also drawn by the learned counsel for the assessee in form No. 34A, which is available at page 24 of the paper book of the assessee. In column 16 of the said form, the nature of the land has been shown as agricultural land, which in our view, is not going to help the assessee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pages 13 to 21 of the paper book of the assessee. As per the sale deed dated 8-12-1999, the vendors collectively disposed off their respective shares in 6 acres of the scheduled property by an agreement of sale dated 7-2-1997 to the purchasers and received a sum of Rs. 2,60,00,000 as advance. The land to the extent of 1 acre 31 guntas was surrendered to BDA for the construction of outer Ring Road. The purchasers made an application to the Government of Karnataka under the provisions of section 109 of the Karnataka Land Reforms Act, 1961 and the Government vide its order bearing No. RD 77.LRM/99, dated 8-10-1999 granted permission to the purchasers to acquire 7 acres 19 guntas out of the scheduled property from the vendors and the purchase ..... X X X X Extracts X X X X X X X X Extracts X X X X
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