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TMI Blog2015 (10) TMI 263X X X X Extracts X X X X X X X X Extracts X X X X ..... 2. Briefly the facts relating to this issue are assessee is an individual. For the assessment year under consideration assessee originally did not file any return of wealth. Subsequently, on the basis of information available on record, A.O. reopened the assessment and issued a notice under section 17 of the Wealth Tax Act calling upon the assessee to submit his return of wealth. In response to the said notice, assessee filed its wealth tax return on 23.07.2012 declaring net wealth of Rs. 1,70,700. During the assessment proceedings, A.O. noticed that the wealth declared by the assessee was only cash in hand of Rs. 1,70,700. However, as per the balance sheet as on 31.03.2008 assessee was found to be owner of the following assets. i. House ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mentary evidences available on record clearly indicate the ownership of the assessee over the property and there is no evidence brought on record by the assessee to show that the property is under adverse possession or any legal dispute is there concerning assessee's ownership right over the property, the contention of the assessee cannot be accepted. Accordingly, he confirmed the addition made by the Assessing Officer. 3. We have perused the orders of the revenue authorities. At the outset, it needs to be observed that at the time of hearing before us, the learned A.R. has not advanced any specific argument on this issue. Even otherwise also, on going through the respective orders of the A.O. as well as the Ld. CIT(A), it is very much cle ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he provisions of Karnataka Land Revenue Act and Karnataka Town Planning Act, construction of building is not permissible on any agricultural land located within the municipal limits. The A.O. after considering the submissions of the assessee vis-à-vis the relevant statutory provision, however, did not find merit in the same. He observed that the wealth tax act does not distinguish between agriculture and non-agricultural land if it is located in an urban area. He opined that mere location of the land within urban limit is sufficient to treat it as an asset irrespective of the nature of the land, subject to the restrictions imposed in the definition of "Urban Land" as provided under Wealth Tax Act. Thus, on the above premises, the A.O ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sion of the land from agriculture to non-agriculture, but the actual conversion took place in F.Y. 2008-2009. Therefore, the land was an agricultural land during the impugned assessment year. The learned A.R. referring to section 2(ea)(v) and more specifically to the definition of "Urban Land" as provided under Explanation-1 therein, submitted that by Finance Act, 2013 an amendment to the definition of urban land has been made as per which land classified as agricultural land in the records of the Government and used for agricultural purposes, is excluded from being treated as an urban land. He submitted that since the said amendment is with retrospective effect from 01.04.1993 the same will apply to assessee's case. Therefore, it cannot be ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tonment board referred to in sub-clause (l), as the Central Government may, having regard to the extent of, and scope for, urbanisation of that area and other relevant considerations, specify in this behalf by notification" in the Official Gazette, (but does not include land classified as agricultural land in the records of the Government and used for agricultural purposes or land on which construction of a building] is not permissible under any law for the time being in force in the area in which such land is situated or the land occupied by any building which has been constructed with the approval of the appropriate authority or any unused land held by the assessee for industrial purposes for a period of two years from the date of its a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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