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TMI Blog2020 (10) TMI 313X X X X Extracts X X X X X X X X Extracts X X X X ..... what is the revenue audit objection in the instant matter. Nevertheless, we have heard the learned counsel for the parties on the merits of the matter. The issue pertains to valuation of a property in Neelankarai village. The assessee contended that the property falls within the high tide zone and in the terms of the coastal zone regulations, the property cannot be put to use for the purpose of constructing any building there on and even if an application is made to the local planning authority / local body, the same will be rejected, as the planning authorities have no jurisdiction to deal with any application for grant of planning permission on a land, which falls within CRZ limits. No question of law arises for consideration in the i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 5 is applicable only for income tax matters and while the impugned appeal is under the Wealth Tax Act. 2. Whether under the facts and circumstances of the case and in law, the Tribunal was right in relying on the CBDT Circular 3/2011 when the same was superseded by CBDT Circular No.21/2015? 3. Whether under the facts and circumstances of the case and in law, the Tribunal was right in not appreciating the fact that the present appeals involves revenue audit objection and the Board Circular cannot be applied.' 3. We have elaborately heard Mr. J. Narayanasamy, learned counsel appearing for the appellant/revenue and Mr. A.S. Sriraman, learned counsel appearing for the respondent/assessee. 4. The first two substantial ques ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lth been reduced by the amount of wealth in respect of the issues against which appeals is intended to be filed. However, the tax will not include any interest thereon, except where chargeability of interest itself is in dispute. In case the chargeability of interest is the issue under dispute, the amount of interest shall be the tax effect. In case of penalty orders, the tax effect will mean quantum of penalty deleted or reduced in the order to be appealed against B. Para 11 of the circular shall read as follows: The monetary limits specified in para 3 shall not apply to writ matters. 4. The said extension of the Circular to wealth tax appeals shall come into effect from the date of issue of this circular. 5. The sam ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r did not agree with the same, however, the Commissioner of Income Tax [Appeals] - 15 Chennai, [for brevity, 'CITA'] agreed with the assessee by taking note of the fact that the property falls within the CRZ III Category and the agreement of sale, which was entered into by the assessee was cancelled on 04.06.2005 since at the time of entering into an agreement, the parties were not aware that no construction can be put up on the land. 9. The CITA has recorded the factual finding that the land, which is unbuiltable under any law for the time being in force, is not an urban land and as such, is not an asset within the meaning of Section 2(e) (a) of the Wealth Tax Act. The CITA also referred to a decision in the case of Prabhakar ..... X X X X Extracts X X X X X X X X Extracts X X X X
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