9911796707
TMI Blog2012 (11) TMI 45X X X X Extracts X X X X X X X X Extracts X X X X ..... r.SHRAWAT, AND SHRI T.R. MEENA, JJ. Appellant by : Ms. Urvashi Shodhan Respondent by : Shri A. Tirkey, Sr. D.R. O R D E R PER SHRI MUKUL Kr. SHRAWAT, JUDICIAL MEMBER : Through these two appeals, the assessee has challenged the order of the Commissioner of Wealth Tax (Appeals)-XXI, Ahmedabad dated 16.08.2010 by raising the following grounds:- 1. Learned CIT(A) has erred in law and on facts in confirming the order of the WTO determining the total wealth of the Appellant at Rs.33,26,813/- instead as declared at Rs.26,52,136/- without considering the submissions of the Appellant that there was an encumbrance on the property in the form of right of use of Rajal that required to be discounted for determining the total wealt ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Rajal Prafulbhai entered into an agreement by which right of user in respect of the said jewellery was conferred upon Master Raja for a period of 63 months which could be extended for a maximum period of 315 months subject to various conditions contained in the agreement. Due to clause 6 of this agreement Rajal can exercise his right of user for maximum period of 315 months. Hence from the market value of jewellery, the value of right of user has been deducted to arrive at present value of jewellery to the company which has been offered for wealth tax. 2.1. On the basis of those facts, the AO had held that in accordance to the Schedule-III of WT Act, 1957 and as per Rule 18, the value of the jewellery shall be the price which it would fe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... T B Bench Ahmedabad in assessee s own case titled as Rajal Investment Co. Pvt. Ltd., Ahmedabad vs. Wealth Tax Officer in WTA Nos.09 to 14/Ahd/2009 for AYs 2000-01 to 2005-06 dated 30.11.2009 has been placed, wherein the Respected Coordinate Bench has considered the declaration u/s.18C(1) of IT Act. On the same lines, before us a declaration on Form DB is filed. For the sake of ready reference, relevant paragraph of the cited decision of the Tribunal is hereby reproduced:- 5. We have carefully gone through the declaration filed by the assessee. The report of A.O. is also considered whereby he agreed to apply the judgment of the Hon'ble Gujarat High Court in Tax Appeals No.34 to 36 of 2005 and Tax Appeal No.935 of 2008. It is pertinent ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
