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TMI Blog2019 (10) TMI 90X X X X Extracts X X X X X X X X Extracts X X X X ..... n favour of the assessee. Therefore, the plea of assessee is rejected. Even though assessee had title but could not enjoy the property due to dispute. The asset is recognised as asset only when it is enjoyed by the assessee for the period subsequent to the disputed assessment years. Therefore, in our view, she should be allowed to get some concession - similar concession should also be extended to assessee. Therefore, we are directing A.O to allow the 500 Sq. mtr as deduction and balance can be brought to tax under WTA. Accordingly, grounds raised by the assessee are partly allowed. - WTA Nos. 70/Hyd/2016 And 11/Hyd/2017 (Assessment Years: 2007-08 & 2006-07) - - - Dated:- 5-9-2019 - SMT. P. MADHAVI DEVI, JUDICIAL MEMBER AND SHR ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d show cause letter was got served by affixture on 29/12/2009. Since there was no response either to the notice or to the show cause letter, the AO completed the assessment u/s 16(5) of the Wealth Tax Act, 1957 by adopting the value of the property @ ₹ 35,000/- per sq. yard, the gross value of which comes to ₹ 3,06,60,000/- (₹ 876 sq.yds. x ₹ 35,000/-). After reducing the standard deduction of ₹ 15,00,000/-, the AO arrived the net value of the wealth at ₹ 2,91,60,000/-. 3. Aggrieved by the order of AO, the assessee preferred an appeal before the CIT(A) and contended before the CIT(A) that the said land is under litigation and has no value and hence, it is exempt u/s 2(ea) of the Wealth Tax ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ellant. 5. Any other ground that may be urged at the time of hearing. 6. Ld. AR brought to our notice the facts and submitted that the land which is brought under wealth tax was under litigation and during this period, assessee was not able to make any changes or construct any structure. Therefore, it does not fall under assets category u/s 2(ea) of the Act. The dispute was put to rest and Hon ble court s order passed on 20.03.2013. He brought to our notice relevant portion of facts disclosed in the above judgment, which is placed at page 19 of paper book. On the alternate plea, he relied on the decision of Sunil B. Honda Vs. DCIT, in which, the Coordinate Bench of Ahmedabad allowed the assessee to claim ex ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... not enjoy the property due to dispute. The asset is recognised as asset only when it is enjoyed by the assessee for the period subsequent to the disputed assessment years. Therefore, in our view, she should be allowed to get some concession. As per the decision relied on by the assessee in the case of Sunil B Honda (supra), the property was under construction and the concession was allowed to the extent of land allowed to keep under WTA. Therefore, in our considered view, similar concession should also be extended to assessee. Therefore, we are directing A.O to allow the 500 Sq. mtr as deduction and balance can be brought to tax under WTA. Accordingly, grounds raised by the assessee are partly allowed. 10. As the facts and g ..... X X X X Extracts X X X X X X X X Extracts X X X X
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