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TMI Blog2019 (2) TMI 199X X X X Extracts X X X X X X X X Extracts X X X X ..... ct were carried out - thus, there was indeed a lack of enquiry on the aspect of cash balance held by the respective assessees and such lack of enquiry rendered the Wealth Tax Assessments erroneous and prejudicial to the interest of the Revenue. Ld PCWT was justified in holding so. There are no reasons to interfere with the orders of the ld. PCWT(A) - the appeals of the assessee are dismissed. - W.T.A. No.55/CHNY/2018, W.T.A. No.56/CHNY/2018, W.T.A. Nos.57 & 58/CHNY/2018, W.T.A. Nos.59 & 60/CHNY/2018, W.T.A. Nos.61, 62, 63 & 64/CHNY/2018 And W.T.A. Nos.65, 66, 67 & 68/CHNY/2018 - - - Dated:- 20-11-2018 - Shri Abraham P. George, Accountant Member And Shri Duvvuru RL Reddy, Judicial Member For the Appellant : Shri. T.S. Lakshmi Ven ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... T, Central-2, Chennai. 19.03.2018 B. Vijaya 2012-13 Ld. PCIT, Central-2, Chennai. 19.03.2018 KVP Balasubramani 2009-10 Ld. PCIT, Central-2, Chennai. 20.03.2018 KVP Balasubramani 2010-11 Ld. PCIT, Central-2, Chennai. 20.03.2018 KVP Balasubramani 2011-12 Ld. PCIT, Central-2, Chennai. 20.03.2018 KVP Balasubramani 2012-13 Ld. PCIT, Central-2, Chennai. 20.03.2018 Grounds taken by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ebts against each of the asset falling within the definition of that term in Section 2(m) of the Act could be reckoned while computing net wealth. Submission of the ld. Authorised Representative was that loans availed by the assessees were first credited to their respective bank accounts and later withdrawn in cash. Thus, according to him, the debts were relatable to the cash balance held. Relying on the judgment of Hon ble Delhi High Court in the case of CIT vs. Sunbeam Auto Limited, 332 ITR 167, ld. Authorised Representative submitted that the ld. WTO had conducted due enquiries on the wealth tax returns filed by the assessees. According to him, it was not a case of lack of enquiry, and at the worst could be only a case of inadequate e ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he Wealth Tax returns filed by the respective assessees, debts which were incurred in relation to the cash was correctly shown and the ld. Assessing Officer had verified such returns with the details filed by the assessee, before accepting the Wealth Tax returns. According to him, it was clear and evident that there was proper enquiry conducted by the ld. WTO. Ld. Authorised Representative has also placed considerable reliance on a decision of a Co-ordinate Bench in the case of Madanlal Chawla (supra), which according to him, held that assessee was entitled to claim set off of the debts owed in relation to the asset cash on hand u/s.2(ea) (vi) of the Act. Paras 6 to 8 of the order of the Co-ordinate Bench, which is apposite here, is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o examined the issue of assessee s claim in respect of set off of the debts owed in relation to asset cash on hand . Thus, the order passed u/s.25(2) of the Act by the Principal Commissioner of Wealth Tax is clearly on a change of opinion, which is not permissible for the purpose of revision. This being so, the order passed u/s.25(2) of the Act by the Principal Commissioner of Wealth Tax, Central-2, Chennai is set aside as it is done on the basis of change of opinion, which is not permissible u/s.25(2) of the Act . No doubt in the said order, it was held that set off of the debts owed in relation to the asset cash on hand was permissible while computing the value of the specified assets u/s.2(ea) (vi) of the Act. However, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e provisions of this Act of all the assets, wherever located, belonging to the assessee on the valuation date, including assets required to be included in his net wealth as on that date under this Act, is in excess of the aggregate value of all the debts owed by the assessee on the valuation date which have been incurred in relation to the said assets; Assets are defined in Section 2(ea) of the Act and clause (vi) therefore which ropes in cash in hand in excess of I50,000/- is reproduced hereunder:- (ea) assets , in relation to the assessment year commencing on the 1st day of April, 1993, or any subsequent assessment year, means- (i).............................. (ii)............................. (ii)............ ..... X X X X Extracts X X X X X X X X Extracts X X X X
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