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TMI Blog2018 (7) TMI 144X X X X Extracts X X X X X X X X Extracts X X X X ..... order passed by the ld. CWT(A). Ground of appeal raised by the assessee is dismissed. Land to the extent of 2.08 acres at Kalakkal, Medak District - assessee claimed it as an agricultural land and sought exemption - Held that:- In this case, Assessing Officer has not examined whether the land is an agricultural land or not. The assessee also failed to produce the relevant material before the Assessing Officer in this regard. Insofar as non-conversion of agricultural land is concerned, this aspect is not considered by the Assessing Officer. Under these facts and circumstances of the case, we are of the opinion that the entire issue involved in this appeal has to be re-examined after considering the relevant material. Therefore, we set aside the order passed by the ld.CWT(A) and remit the matter back to the file of the Assessing Officer to adjudicate this again Flat situated at Chandanagar - Market value assessment - assessee contended before the Assessing Officer that the said flat was let out for 300 days and the same is exempt under section 5 & 6 of the Wealth Tax Act - Held that:- CWT(A) scaled down the market value of rent at 5,000/- per sq.yard in relation to structure a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... asset. Simply because assessee is not offered income from real estate, nature of the asset cannot be changed. Therefore, we allow this ground of appeal raised by the assessee. W.T.A. No. 12/VIZ/2017 8. Ground No.1 is general in nature, therefore, our adjudication is not required, same is dismissed. 9. Ground No. 2 is relating to the house site at Tenali to the extent of 1400 sq.ft. 10. The assessee has valued the property at ₹ 11.50 lakhs. The Assessing Officer has adopted the market value, based on the SRO s value of ₹ 34,02,000/-. On appeal, ld. CWT(A) confirmed the order of the Assessing Officer. Before us, the assessee has not brought any material on record to show that why SRO value adopted by the Assessing Officer is not correct. Therefore, we find no infirmity in the order passed by the ld. CWT(A). Thus, this ground of appeal raised by the assessee is dismissed. 11. Regarding ground No.3, ld. counsel for the assessee, at the time of hearing, has submitted that he does not want to press this ground. Hence, the same is dismissed as not pressed. 12. Ground No.4 relating to the land to the extent of 2.08 acres at Kalakkal, Medak District. The a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... matter back to the file of the Assessing Officer to adjudicate this ground of appeal raised by the assessee denovo in accordance with law. We also direct the assessee to file the relevant details, such as, pattadaar passbook and other revenue records. Thus, this ground of appeal raised by the assessee is allowed for statistical purposes. 15. Ground No.5, which is similar to the ground No.4 of this appeal. Therefore, this issue is also remanded back to the file of the Assessing Officer to consider afresh. Thus, this ground of appeal raised by the assessee is allowed for statistical purposes. 16. Ground No.6 relating to land at Nagaram. The land which is in dispute, the Assessing Officer has valued the property as on 31/03/2008 at ₹ 22 lakhs and arrived at ₹ 23,93,000/- to the total extent of land 1.09 guntas. The assessee has accepted before the Assessing Officer that this land is converted into non-agricultural land and the same is treated as stock-in-trade, therefore wealth tax provisions have no application. The Assessing Officer has not accepted and accordingly addition is made. 17. On appeal, ld. CWT(A) confirmed the order of the Assessing Officer on the gr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Wealth Tax Act. The Assessing Officer did not consider the explanation submitted by the assessee that the exemption claimed is not covered under section 5 6 of the Wealth Tax Act. 25. On appeal, ld. CWT(A) scaled down the market value of rent at 5,000/- per sq.yard in relation to structure and directed the Assessing Officer to value the same at ₹ 14,40,000/-. Both the Assessing Officer and the ld. CIT(A) have not considered the submissions made by the assessee with regard to exemption claimed under section 5 6 of the Wealth Tax Act. The assessee contends that once the property was let out for more than 300 days, the Revenue without examining the fact, brought to tax the value of the asset. Therefore, we deem it fit to send the issue back to the file of the Assessing Officer to verify the facts and decide the issue on merits after considering the submissions of the assessee. Thus, this issue is set aside to the file of the Assessing Officer. 26. Ground No.10 is general in nature, therefore, our adjudication is not required, same is dismissed. W.T.A.No. 13/VIZ/2017 27. Ground No. 1 is general in nature, therefore adjudication is not required, same is dismi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed by the assessee is allowed for statistical purposes. 35. Ground No.9 relating to the flat at Chandanagar, which has already been adjudicated in WTA No.12/VIZ/2017 as ground No.9. Hence, our decision at Para No.25 of this order shall apply mutatis mutandis to this ground also. Thus, this ground of appeal raised by the assessee is allowed for statistical purposes. 36. Ground No.10 is general in nature, no separate adjudication is required, therefore, same is dismissed. W.T.A.No. 14/VIZ/2017 37. Ground No.1 is general in nature, no separate adjudication is required, therefore, same is dismissed. 38. Ground No.2 relating to the site at Tenali admeasuring 1400 sq.yards, which has already been adjudicated in WTA No.12/VIZ/2017 as ground No.2. Hence, our decision at Para No.10 of this order shall apply mutatis mutandis to this ground also. Thus, this ground of appeal raised by the assessee is allowed for statistical purposes. 39. Regarding ground No.3, ld. counsel for the assessee, at the time of hearing, has submitted that he does not want to press this ground. Hence, the same is dismissed as not pressed. 40. Ground No.4 relating to the land of 2.08 acres at ..... X X X X Extracts X X X X X X X X Extracts X X X X
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