9911796707
TMI Blog2016 (5) TMI 1246X X X X Extracts X X X X X X X X Extracts X X X X ..... fied as agricultural land in the records of the government and used for agricultural purposes….” The appeals pending before us pertain to assessment years 2004-05 to 2006-07. In view of the above, all the appeals of the assessees are squarely covered by the aforesaid retrospective amendment brought in by the legislature in the Wealth Tax Act. Therefore, agricultural lands are no longer ‘assets’ (within the amendment of section 2(ea)(v) of the Act), because of the retrospective amendment brought in. As such, they are not exigible to Wealth Tax Act. Action of the AO in including the value of the assessees lands in their net wealth, is reversed. Accordingly, the orders passed by the ld. CWT(A), confirming this action are also reversed.- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eupon is regulated by Entry 95 of the said Union List-1, Seventh Schedule (under the residuary powers), and therein further erred in failing to appreciate that in case the Parliament had intended vide the Finance Act, 1992 (wherein for the first time the said term Urban land was incorporated as an asset), to levy Wealth tax on agricultural lands ( as was so done by the Finance Act, 1969, when for the first time agricultural land was brought within the ambit of levy of Wealth tax), then there would have been a specific excluding proviso giving effect to non-applicability of Wealth Tax on Agricultural lands situated in the State of Jammu Kashmir, because due to applicability of Article 370 in the said State the power to legislate ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d by the assessee on the relevant Valuation date and were being used by her for the BUSINESS OF AGRICULTURE, thereupon as per section 2(ea) (i)(3) of the Weath tax Act, 1957 the same would remain specifically excluded from the definition of asset as contemplated by Sec. 2(ea) of the said Act. 7. That without prejudice to the aforesaid the Ld. CWT (Appeals) had erred in not appreciating that even otherwise as the lands owned by the assessee were agricultural lands and were subject to self-cultivation by the assessee, thereupon, as per the provisions of section 91, 92 93 of the Punjab Regional Town Planning and Development Act, 1995, no construction was permissible on the said lands. Therefore, as per Explanatioon (b) (now ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tural land will not form part of assets due to which agricultural land is no longer liable to Wealth Tax with retrospective effect from 01.04.1993. He further stated that the assessment years in appeals are 2004-05 to 2006-07 and therefore, the retrospective amendment brought in after the passing of the earlier order of the Tribunal dated 22.05.201, are squarely covered by the aforesaid amendment. 6. The Ld. DR, on the other hand, relied on the impugned orders. 7. We have heard both the parties and have carefully gone through the material available on record. The legislature has, by virtue of the Finance Act, 2013, introduced the amendment to section 2(ea)(v) with retrospective effect from 01.04.1993. This amendment by way of Explan ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
