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TMI Blog2019 (12) TMI 603X X X X Extracts X X X X X X X X Extracts X X X X ..... section 42 of the WT Act to such notice, which has been issued beyond the time limit prescribed u/s 16(2) of the WT Act. Accordingly, we hold that as the ld Wealth Tax Officer has failed to issue the notice u/s 16(2) on or before 30.08.2012 but issued on 13.09.2012, is invalid and consequently wealth tax assessment order passed on the assessee cannot be sustained, hence, quashed. Accordingly, ground No. 1 of the appeal of the assessee is allowed. - WTA No. 04/Del/2018 - - - Dated:- 11-11-2019 - SHRI PRASHANT MAHARISHI, ACCOUNTANT MEMBER AND SHRI K.N.CHARY, JUDICIAL MEMBER For the Appellant : Shri V.K. Jain, CA Shri Ashwani Seth, CA For the Respondent : Smt Naina Soin Kapil, Sr. DR ORDER ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Land at Village Neb Sarai, Tehsil Hauz Khas, New Delhi is agriculture land as certified by the S.D.M. and no construction is permissible on such land and hence not a specified asset even under old Wealth Tax Act, 1957 before amendment w-e-f A.Y. 1993-94, vide Finance Act, 2013. 3) a). The Ld. CIT(A) has erred in law and on the facts of the case in treating Agriculture Land situated at Village Sultanpur, Gurugram as urban land, chargeable to Wealth Tax, 1957, on the basis of report of the Ld. A.O. denying exemption claimed for Long Term Capital Gain on sale of Agriculture land under Income Tax Act, 1961, while passing assessment order u/s 143(3) of the Act, for A.Y. 2013-14. b). The Ld. CIT(A) has failed to appreciate t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f appeal is with respect to the notice u/s 16(2) of the Wealth Tax Act 1957 issued on 13.09.2012, which according to the assessee should have been issued on or before 31 August 2012. Above ground was taken before the ld CWT (A), who rejected the same, stated that as the assessee has not objected it before the ld AO, therefore, now appellant cannot take objection of the same as, she had appeared and cooperate in enquiry relating to the assessment. The ld CWT (A) relying upon the provision of section 42 of the Wealth Tax Act has rejected this ground. 6. The authorised representative vehemently contested that the assessee has filed her return of income on 18 August 2011. According to provision of section 16(2) of the Wealth Tax Act, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ttend at the office of the Assessing Officer or to produce, or cause to be produced there, any evidence on which the assessee may rely in support of the return: Provided that no notice under this sub-section shall be served on the assessee after the expiry of twelve months from the end of the month in which the return is furnished 9. According to provision of section 16(2) where return has been made u/s 14 or 15 of the Wealth Tax Act, the ld AO shall, if he considers it necessary or expedient to ensure that the assessee has not understated net wealth, and then he may serve a notice for assessment. According to proviso to that section, no notice shall be served on assessee after the expiry of 12 months from the end of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cting that notice was not served upon him, served in improper manner or not served in time. However, provisions of section 292BB of the Act [ section 42 of The WT Act] does not provide that the notice issued beyond the time specified under the provisions of section 42 of the Act is a valid notice. If view is taken that notices issued anytime i.e. beyond the time prescribed under law shall become valid notice, if the assessee did not object the same before the ld Assessing Officer and appears in the proceedings or cooperated in any enquiry related to assessment, it will tantamount to validating assessment which are void ab initio. Provisions of section 42 of the act saves only validly issued notices within the time limit, if, not served upon ..... X X X X Extracts X X X X X X X X Extracts X X X X
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