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TMI Blog2022 (9) TMI 617X X X X Extracts X X X X X X X X Extracts X X X X ..... ed by the Government then how the assessee has shown the asset in the books of account. Secondly, on perusal of the reply of the assessee, AO has found that the names of the previous owner of the property are different than that of the names given by the assessee in his reply. The relevant findings of AO are reproduced hereinabove. In order to counter the findings of AO the assessee has not brought on record any material evidence to take a different view than the view taken by the Assessing Officer. Thus, the ground raised by the assessee is dismissed for both the assessment years. - W.T.A. Nos. 50 & 51/Chny/2019 - - - Dated:- 24-8-2022 - Shri V. Durga Rao , Judicial Member And Shri G. Manjunatha , Accountant Member Appellant by : ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... an agricultural land, also under the government notification for acquisition and as such no constructions are permissible on such land hence the land is not taxable under the provisions of the wealth tax Act. 5. The appellant craves leave to file and furnish in case of a need additional grounds if any before the hearing at the time of hearing. 6. The appellant prays that the claim of exemption under wealth tax Act be allowed and justice rendered to the appellant. 2. Both the appeals filed by the assessee are delayed by eleven days in filing the appeal before the Tribunal, for which, the assessee has filed petitions for condonation of the delay in the form of an affidavit, to which; the ld. DR has not raised any serious ob ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... at Gopanapalli is under land acquisition and notification for acquisition has been passed by the Government. That being the case the assessee had no right and title on this property though it is shown in the books of account. Upon the above submissions of the assessee, the Assessing Officer has observed as under: The assessee's submission was carefully perused. The assessee says that the land is in acquisition and the assessee has no title to the land to become the owner. If so, why the property has to be shown in assessee's books. Moreover, in the Government's acquisition notification, the assessee's name finds no place for which the assessee says that it is the name of the previous owner of the property is reflec ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and at Ganapalli site ₹.7,34,997/- 2. Pragati Green Meadow (Farm, Land) ₹.4,35,000/- 3. Land at Nanakarmguda ₹.38,25,000/- 4. Plot No. 330 ₹.75,20,094/-. As the Assessing Officer was of the opinion that the assessee has furnished false information about the property at Gopanapalli, the assessment was reopened by issuing notice under section 17 of the Act. The relevant provisions of section 17 of the Act are reproduced as under for clarity: 17. Wealth escaping assessment.- [(1) If the Assessing Officer has reason to believe that the net wealth chargeable to tax in respect of which any person is assessable under this Act has escaped assessment for any assessment year (whether by reas ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... a notice issued under sub-section (4) of section 16 or this section or to disclose fully and truly all material facts necessary for his assessment for that assessment year: [Provided further that the Assessing Officer shall, before issuing any notice under this sub-section, record his reasons for doing so:] In view of the above provisions and the assessee has not furnished true particulars of wealth, we are of the considered opinion that the Assessing Officer has rightly reopened the assessment. Accordingly, the ground raised by the assessee is dismissed for both the assessment years. 6. So far as the land in question as an agricultural land is concerned, it was the submission before the authorities below that in the computat ..... X X X X Extracts X X X X X X X X Extracts X X X X
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