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TMI Blog2021 (1) TMI 973X X X X Extracts X X X X X X X X Extracts X X X X ..... jewellery and, therefore, enhancement made by the CIT(A) on this account is bad in facts and deserves to be deleted. We direct the WTO to delete the impugned enhancement in the value of jewelery from the hands of all the appellants. Enhancement in the valuation of property - Denial of exemption u/s.5(vi) of the Wealth Tax Act - It would be pertinent to mention here that the claim of exemption is being allowed to the appellants in earlier assessment years and it is only in the orders under consideration, the CIT(A) thought that the appellants are not eligible for the claim of exemption. The basis of reasoning given by the CIT(A) is that D-6/5, Vasant Vihar and E-27, Vasant Marg, New Delhi consists of more than one residential unit and, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... peals by the assessee Lata Goyal, Monila Goyal, Dinesh Kumar Goyal preferred against the order of the CIT(A)-25, New Delhi pertaining to A.Y.2013-14 respectively. 2. Since underlying facts in the captioned appeals are so intertwined, for the sake of convenience and brevity, we decided to dispose off all these appeals by this common order. 3. The bone of contention in the captioned appeals relates enhancement made by CIT(A) in respect of jewellery and property at D-6/5, Vasant Vihar, New Delhi and property at E-27, Vasant Marg, New Delhi. 4. In the case of Lata Goyal the assessee claimed exemption u/s.5 (vi) for property E-27, Vasant Marg, New Delhi and following the order for earlier assessment years the WTO allowed the exemption. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hat the property at D- 6/5, Vasant Vihar was not one unit but multi units and so is the property at E-37, Vasant Marg, New Delhi and was convinced that the AO has allowed wrong exemption u/s.5 (vi) of the Act. Accordingly the CIT(A) issued a notice of enhancement to the appellants. 11. It was explained that during search proceedings at the premises of the appellants on 17.12.2012 jewellery of 4 persons namely Lata Goyal, Dinesh Kumar Goyal, Monali Goyal and Kanti Kumar Goyal were mixed and valued by the departmental valuer. It was further explained that the jewellery was in the custody of the department as on 31.03.2013 and the appellants have furnished the details in their respective Wealth Tax Returns relying upon their memories. 12 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hange the design of their jewellery though the weight remains intact, therefore, gross weight of jewellery found in the possession of the family members as on 17.12.2012 has to be considered for finding whether there is any suppression of jewellery. The total jewelery of the family as per search is given in the following chart:- 17. As per wealth tax return jewelery declared by the family members which also included another family member Kanti Kumar Goyal and his HUF is as under :- 18. From the above chart it can be seen that the gross value of jewellery of three appellants was marginally increased from 10181 grams to 10372 grams and when jewellery of Kanti Kumar Goyal and Kanti Kumar HUF is also included then gross value of Jewe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... -27 Vasant Marg, New Delhi are multi storey building. At this point we would like to refer to the decision of the Hon ble Kerala High Court in the case of CIT Vs. Nazima Nizam 64 taxman 375 wherein the Hon ble High Court allowed the exemption in respect of assessee s building which consisted four shop rooms. 22. In the property D-6/5, Vassant Vihar, Lata Goyal is the owner of ground floor and first floor belongs to Monila Goyal and second floor belongs to Lata Goyal and Kanti Kumar Goyal E-27, Vasant Marg is owned by Lata Goyal. Lata Goyal has claimed exemption in respect of E-27, Vasant Marg and has included the value D-6/5, Vasant Vihar in her Wealth Tax Return. 23. In our considered opinion treating a multi floor house as separate ..... X X X X Extracts X X X X X X X X Extracts X X X X
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