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TMI Blog2021 (2) TMI 624X X X X Extracts X X X X X X X X Extracts X X X X ..... s and got the same sanctioned from the town planning or municipality. The precise question that arises for apt adjudication as to whether the said two plots can be assumed to have been clubbed or not so as to be exigible to wealth tax is to be answered in negative i.e. in assessee s favour and against the department. We make it clear that section 5(vi) of the Act nowhere provides for application thereof by applying such a deeming fiction of clubbing so as to arrive at the threshold limit of 500 sq. mtrs.. We refer to Commissioner of Customs (Imports) Vs. M/s Dilip Kumar and Company [ 2018 (7) TMI 1826 - SUPREME COURT] in these facts and circumstances to hold that both the lower authorities have erred in law and on facts in assessing ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... out considering the facts submitted b the assessee. 3. The Ld. CIT (A) ought to have appreciated that the assessee is rightfully entitled to exemption ul s. 5(vi) on the value to the extent of land admeasure 500 Sq mts, irrespective of the number of plots. 4. The Ld. CIT (A) has grossly erred in deriving the exemption u/s. 5(vi), by not taking the land measurement of two plots together as not exceeding 500 sq. mts. 5. The Ld. CIT (A) ought to have held that the assessee is entitled to beneficial of exemption ul s. 5(vi) of the value limited to 500 sq.mts and not to deny the benefit otherwise allowable, simply on the reason the measurement of two plots together exceeded 500 sq mts. 6.The Ld. CIT (A) has grossly erred in i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sq.yds (Vide Doc. No. 5505/2010-11) 1,25,00,000 2 Plot No. 5, Amruthahalli village, Yelahanka Village Hobli, Bangalore admeasuring 282.7 sq.yds (Vide Doc. No. 5503/2010-11) 1,01,80,000 3 Plot No. XII/A, Serilingampally 1,28,76,490 3.1 Both the Learned representatives are fair enough in not disputing the fact that the assessee has in fact been granted exemption from application of wealth tax provisions regarding the third asset. Coming to the remaining two assets, we notice from the land records that this assessee and his wife are the co-owners/co-purchasers thereof. And that the former s s ..... X X X X Extracts X X X X X X X X Extracts X X X X
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