9911796707
TMI Blog2012 (9) TMI 529X X X X Extracts X X X X X X X X Extracts X X X X ..... ther by this consolidated order. 3. The ground of appeal raised in these three appeals are relating to issuance of notice u/s. 16(5) r.w.s.17 of the W.T. Act and making reassessment of taxable wealth. 4. For all the assessment years under consideration i.e. for A.Ys. 2001- 02, 2002-03 and 2003-04 notice u/s.17 of the W.T. Act was issued and served on assessee and assessee was directed to file its return of wealth within 30 days of receipt of notice. No return was filed by assessee. Thereafter, a show cause notice u/s. 16(5) was issued. There was no compliance by the assessee. Therefore, W.T.O. finalized the assessment u/s 16(5) r.w.s.17 of W.T. Act on the basis of material available on record. 5. The assessee is engaged in the business ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssment by issuing notice u/s. 16(5) r.w.s.17 of W.T. Act as there was no escapement of taxable wealth. He further submitted that it had purchased vehicles and leased them to other parties and thereby earned lease rentals as well as hire charges. He also contended that while finalizing Income tax assessments, the A.O. has granted depreciation on these assets (motor cars) as they were used for the purpose and in the course of appellant's business. He also submitted that the assessee had filed appeal before ITAT for the assessment year 1999-2000. The Hon'ble Tribunal in quantum appeal has directed the WTO to examine whether the vehicles were used for hiring and pass appropriate orders. He placed on record the order of co-ordinate Bench of ITAT ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... otice issued under subsection (2) or sub-section (4), The Assessing Officer, after taking into account, all relevant material which he has gathered, shall, after giving such person an opportunity of being heard, estimate the net wealth to the best of his judgment and determine the sum payable by the person on the basis of such assessment: Provided that such opportunity shall be given by the Assessing Officer by serving a notice calling upon the person to show cause, on a date and time to be specified in the notice, why the assessment should not be completed to the best of his judgment: Provided further that it shall not be necessary to give such opportunity in a case where a notice under sub-section (4) has been issued prior to the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the assessee also do not come handy in such circumstances. From, the facts of the case it is not clear as to how the appellant company has utilized the motor vehicles. Even before us the appellant did not bring any material evidence to establish its claim. In these circumstances we have no other alternative rather than to remit matter back to the file of Ld. WTO with the direction to examine the lease agreement executed by the assessee-company and arrive at a conclusion as to whether the recipients of the vehicles had hired out the vehicles as stipulated under the Wealth tax Act and pass appropriate order on merits. It is ordered accordingly." 12. Since the facts and circumstances of the case in the present appeals are identical to that o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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