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TMI Blog2019 (6) TMI 1199X X X X Extracts X X X X X X X X Extracts X X X X ..... ame has been disclosed by the assessee in the return of wealth by mistake. When the assessee realizes his mistake, certainly the assessee can retract his mistake and raise the contention before the appellate authority that the assets disclosed in the return of net wealth cannot be included in the net wealth for the purpose of wealth-tax assessment. Similar view was held in the case of Raghavan Nair v. ACIT Anr. [ 2018 (1) TMI 863 - KERALA HIGH COURT] We are of the view that the matter needs to be considered by the Wealth-tax Officer. WTO shall examine the documents and come to a conclusion whether the claim of the assessee that certain assets should be excluded from the net wealth of the assessee for the Wealth-tax assessment. For the above ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lth-tax Act was issued to the assessee for assessment years 2008-2009 to 2013-2014. In response to the notice, the assessee filed the return of wealth for assessment years 2008-2009 to 2013-2014. The Wealth-tax Officer has completed the assessments accepting the wealth returned by the assessee for assessment years 2008-2009 to 2013-2014. 4. The assessee filed appeals to the first appellate authority contending that the assessee had made a mistake in including certain assets in the net wealth of the assessee in the returns filed for assessment years 2008-2009 to 2013- 2014. It was contended by the assessee before the first appellate authority that certain landed properties disclosed in the net wealth of the assessee were actually not belong ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pellant, it cannot be said that the assessee is aggrieved by the order passed by the Assessing Officer. The appellant has not filed any revised statement of Wealth, which was not considered by the Assessing Officer. Therefore, since there is no addition made by the Assessing Officer, there cannot be an appeal for accepting the results declared by the Appellant himself by way of filing Return of Wealth. The appeals are not maintainable. The same are hereby dismissed." 6. Aggrieved by the consolidated order of the first appellate authority, the assessee has filed the present appeals before the Tribunal. The grounds raised for all the assessment years are identical and they read as follows:- "1. The Appellate Order of the Commissioner of We ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ng the cash on hand as asset chargeable to wealth tax when it is the cash balance offered for assessment after arriving at the Net Income taking into account such cash balance, while computing increase in wealth for Income Tax Assessment. For these and such other grounds that may be urged at the time of hearing, the immovable properties may be treated as stock in trade and excluded from Net Wealth." 7. The learned Counsel for the assessee has filed three written submissions. The content of the same is reiteration of the submissions made before the first appellate authority, hence, it is not reproduced here. The learned Departmental Representative strongly supported the order passed by the Wealth-tax authorities. 8. We have heard the riv ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... order completed u/s 16(3) of the Wealth-tax Act, 1957 (refer column 9 page 1 of the assessment order). The land which is a business asset is excluded from the wealth-tax assessment. The learned AR has also produced the income-tax assessment of assessee to prove that certain assets disclosed in the net wealth of the assessee when the same was sold in the subsequent years, the income from same was disclosed under the head income from business and not income from capital gains. This clearly proves that the land held by the assessee are stock-in-trade of assessee's business being real estate and the same cannot be included in the net wealth of the assessee. 8.2 When a non-taxable income by mistake is disclosed in the return of income, the sam ..... X X X X Extracts X X X X X X X X Extracts X X X X
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