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TMI Blog2020 (2) TMI 540X X X X Extracts X X X X X X X X Extracts X X X X ..... rection, the aforesaid enhancement of ₹ 83,62,752/- made by the Ld. Commissioner (Appeals) to taxable wealth, by taking the value of aforesaid Aralias DLF property at Gurgaon at ₹ 1,67,46,763/-is confirmed. Appeal is partly allowed for statistical purposes. - WTA No:- 10/Del/2016 (Assessment Year: 2009-10) - - - Dated:- 11-12-2019 - SHRI AMIT SHUKLA, JUDICIAL MEMBER AND SHRI ANADEE NATH MISSHRA, ACCOUNTANT MEMBER Assessee By: Shri K. Sampath, Adv. And Shri V. Raja Kumar, Adv. Revenue By: Shri Surender Pal, Sr. DR ORDER Per Anadee Nath Misshra, AM (A) This appeal by Assessee is filed against the order of Learned Commissioner (Appeals) dated 29.07.2016, for Assessment Year 2009-10. Grounds taken in this appeal of Assessee are as under: 1. That the order of the learned Commissioner of Income Tax (Appeals) is bad both on law and facts. 2. That the appellant has not been afforded, enough opportunity, of being heard. 3. That the leaned Commissioner of Income Tax (Appeals) has erred in brushing aside the contention of the appellant assessee, as the appellant s right to exercise the option of seeking exemption of 5(vi) for the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 5. However, he did not disclose the property at AraIias DLF. Therefore, keeping in view the return of wealth tax filled by the assessee on 21.01.2014 and details of properties available in the personal balance sheets of the assessee, the computations of wealth tax of the assessee is below:- A. Immovable Properties (i) Property at Aralias DLF 83,84,011/- (ii) Property at Hyderabad 2,19,550/- (iii)Property at Shimla (Claimed as exempt u/s 5(vi)) 12,50,000/- Total 98,53,561/- B. Movable Properties (i) Jewellery (Appx.250Gms) 3,79,110/- (ii) Cash in Hand (In excess of ₹ 50,000/-) 3,17,720/- Gross Wealth 1,05,50,391/- Less: Exempt u/s 5(vi) (Property at Shimla) 12,50,000/- Taxable Wealth 93,00,391/- 6. Assessed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... has claimed the property situated at Shimla as self occupied and accordingly claimed as exempt asset as per the provisions of section 5(vi) of the Wealth Tax Act. It is requested your goodself to treat the property situated at AR0404, Aralias, Golf Link, DLF Phase-V, Gurgaon as exempt asset as per the provisions of section 5(vi) of the Act and the property situated at Shimla may kindly be treated at taxable asset of the appellant. The revised computation of the taxable wealth is enclosed alongwith this submission. 6. Decision :- 6.1 I have perused the assessment order, submissions of the appellant filed during appellate proceedings and the report received from the AO. 6.2 Ground no. 1,2 and 6 are general in nature and hence not adjudicated. 6.3 Ground no. 3 relates to the assessment of taxable wealth at a sum of ₹ 93,00,391/-. 6.3.1 It seen from the assessment order that the AO has made following additions to the deemed wealth of the appellant:- 1. The property at Aralias DLF 83,84,011/- 2. Property at Hyderabad 2,19,550/- 6.3.2 During the appellant proceedings the appellant has given the status of above stated three properties as h ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... same, the value of property at Aralias Gurgaon .is assessed at ₹ 1,67,46,763/- and enhancement of wealth by ₹ 83,62,752/- is made on account of this property. 6.3.8 Further, the addition made with regard to the property at Hyderabad amounting to ₹ 2,19,550/- is sustained as appellant did not file any proof in support of his contention as to why the same should not be included in the wealth of the appellant for the wealth tax purposes for the year under consideration during assessment proceedings nor appellate proceedings. (B.1) In the aforesaid order dated 29.07.2016, the Ld. Commissioner (Appeals) enhanced the taxable wealth of the assessee by further amount of ₹ 83,62,752/- by valuing the property at Aralias, DLF Gurgaon at ₹ 1,67,46,763/-. The present appeal before us has been filed by the Assessee against the aforesaid impugned appellate order dated 29.07.2016 of the Ld. Commissioner (Appeals). In the course of appellate proceedings in Income Tax Appellate Tribunal ( ITAT , for short) a Paper Book was filed from assessee s side, containing the following particulars: 1. Written submissions filed before the CIT(A) dated 12.08.2015. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (ii) Cash in Hand (in excess of ₹ 50,000/-) 3,17,720/- Gross Wealth: 1,05,50,391/- Less: Exempt u/s 5(iv): (property at Shimpla) 12,50,000 Taxable Wealth : 93,00,391/- Assessed at wealth of ₹ 93,00,391/-. Charge interest u/s 17B if any. Issue tax calculation sheet in ITNS 150, demand notice, challan a copy of this order to the assessee. Issue penalty notice u/s 18(1) (c) of the W.T. Act, 1957. 2.3 Collateral proceedings were also started simultaneously. All that was done through an ex-parte order though it was notated as one passed under Section 16(3) of the Act instead of Section 16(5). 3. Aggrieved by the order of the Assessing Officer the assessee approached Ld. Commissioner (Appeals)-3, Gurgaon. The ld. CIT (Appeals) noticing from the records that the Aralias - DLF flat had been purchased for ₹ 1,56,50,991/- plus Stamp Duty of ₹ 10,95,772/- directed enhancement of the wealth by ₹ 83.62,752/- over and above the value taken by the Ass ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ovides the option to the assessee which the administrative authorities cannot refuse. 4.5 The following extract from the order of the Tribunal in ACWT Vs. Ku. Ragini Sanghi (2010) 123 ITD 384 (Indore) is not only illuminating but also directly supporting :- However, in the present case, the assessee did not claim any deduction. The claim of the assessee was with regard to exemption under section 5(1) (vi) of the Wealth Tax Act. The aforesaid provision as noted above clearly provides that one house are a part of house belonging to an Individual shall not be included in the net wealth of the assessee and the assessee shall not be liable to pay wealth-tax thereon. It is a statutory provision contained under the Act and as such, the law as it should have been applied by the Assessing Officer for granting exemption to the assessee. There is no need for the assessee to seek exemption as per law. 5. Being so, it is most respectfully prayed that the directions be kindly issued for granting exemption to the properly having the higher value namely the one at Aralias - DLF flat. (B.3) At the time of hearing before us, the Ld. Counsel for assessee submitted that the assesse ..... X X X X Extracts X X X X X X X X Extracts X X X X
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