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TMI Blog2016 (11) TMI 143X X X X Extracts X X X X X X X X Extracts X X X X ..... e “net wealth” has been defined under section 2 (m) of the wealth tax act to mean all the assets belonging to the assessee in excess of the debt owed as on the valuation date. According to the provisions of section 2(ea) of the act “assets” in case of individual includes cash in excess of ₹ 50,000/-. Therefore, as the above sum was belonging to the assessee as accepted by him as his income in income tax proceedings, now he cannot say that the above sum is not includible into the net wealth of the assessee. In view of this we confirm the order of the Ld. Commissioner of wealth tax confirming the addition of ₹ 30 lakhs on account of cash found in the locker belonging to the assessee and which was also added under section 69A of the income tax act in the hands of the assessee. - Wealth Tax Appeal Nos. 16 to 19/Del/2014 - - - Dated:- 20-10-2016 - Smt Diva Singh, Judicial Member And Shri Prashant Maharishi, Accountant Member Assessee by : Sh. AK Jain, CA Revenue by : Sh. SK Jain, DR ORDER Per Prashant Maharishi, A. M. 1. These are the four appeals appeals filed by the assessee against the order of the ld CWT (A)-XII, New Delhi dated 25.06.2014 for th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e to answer to question No. 3 that this amount belongs to the parents of the assessee and it was given by them, as they did not have locker in their name. Therefore , though locker was in the name of the assessee, but this money belonged to them as their savings. He further stated that this money was kept by his father prior to the year 2000 in parts from 1998 onwards. The Ld. WTO rejected the contention of the assessee and included the above sum into the total wealth of the assessee. Out of the sum of ₹ 30 lakhs , Ld. WTO granted a deduction of ₹ 5 Lacs already disclosed by the assessee and therefore net addition to the net wealth of the assessee of ₹ 25 Lacs was made at the time of passing an assessment order under section 16 (3) read with section 17 of the wealth tax act, 1957. Aggrieved by the order of the Ld. Wealth tax officer, Assessee preferred appeal before the Commissioner of wealth tax, who in turn confirmed the order of the Ld. Wealth tax officer. Therefore, assessee is in appeal before us. 4. On commencement of the hearing, the Ld. authorized representative of the assessee submitted that he does not want to press ground No. 1, 2 and 3 of the appeal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... that assessee tried to explain the amount of cash seized from the locker with syndicate bank which was in the name of the assessee and the amount of ₹ 30 lakhs was found there from. Further, the explanation of the assessee was also not found to be correct that money belongs to the parents of the assessee as they gave this sum prior to year 2000 to the assessee because of the slips of the bank, which were bearing the dates of the year 2002 and 2003 and for which assessee did not offer any explanation. Further, the assessee in his statement has also disclosed the above sum as additional income and also paid due tax thereon. In view of these overwhelming evidence against the assessee, we are of the view that the the above sum of ₹ 30 lakhs belonged to the assessee. According to the provisions of section 3 of the wealth tax act every individual shall be charged tax on the net wealth as at the valuation date. Further, the net wealth has been defined under section 2 (m) of the wealth tax act to mean all the assets belonging to the assessee in excess of the debt owed as on the valuation date. According to the provisions of section 2(ea) of the act assets in case of indiv ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t the addition of ₹ 25 Lacs in the taxable wealth on account of surrender of the cash found in locker with syndicate bank, New Delhi. The above, ground of appeal is identical to the ground No. 4 of the appeal of the assessee decided by us for assessment year 2005 06 wherein we have dismissed that ground of appeal of the assessee. The parties before us admitted that the facts and circumstances of the issue involved are the same. Therefore we also dismiss ground No. 4 of the appeal of the assessee. 12. The 5th ground of the appeal of the assessee was against the addition of ₹ 654750/- in the taxable wealth on account of industrial plot at Narela. It was the submission of the assessee that the above is an industrial plot which does not fall under the definition of assets as defined under section 2 (ea)of the wealth tax act. 13. The Ld. authorized representative submitted before us that above asset has been included by the Ld. assessing officer in computing the net wealth of the assessee for the year because of the industrial plot remaining unused beyond 2 years. He submitted that it is an industrial plot. It s an undisputed fact. However, the Ld. assessing office ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 0/- in the taxable wealth on account of surrender of the cash found in locker with Syndicate Bank, DP Gupta, Karol Bagh New Delhi. 5. That on the facts and on the circumstances of the case and the provision of law the Ld CIT Appeal has erred in sustaining an addition of ₹ 6,54,750/- in the taxable wealth on account of Industrial Plot at Narela. 18. On commencement of the hearing, the Ld. authorized representative of the assessee submitted that he does not want to press ground No. 1, 2 and 3 of the appeal of the assessee for this assessment year and therefore they are dismissed. 19. The 4th ground of the appeal of the assessee is against the addition of ₹ 25 Lacs in the taxable wealth on account of surrender of the cash found in locker with syndicate bank, New Delhi. The aboveground of appeal is identical to the ground No. 4 of the appeal of the assessee decided by us for assessment year 2005 06 wherein we have dismissed that ground of appeal of the assessee. The parties before us admitted that the facts and circumstances of the issue involved are the same. Therefore we also dismiss ground No. 4 of the appeal of the assessee in this appeal. 20. The 5th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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