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TMI Blog2022 (9) TMI 1052X X X X Extracts X X X X X X X X Extracts X X X X ..... liable for any wealth tax. Since the additional evidences filed before us were neither produced before the Assessing Officer or the CWT (A) and since these additional evidences go to the root of the matter for deciding the appeal, therefore, considering the totality of the facts of the case and in the interest of justice, we admit the additional evidences and restore the issue to the file of the Assessing Officer with a direction to consider these additional evidences and decide the issue as per fact and law - Grounds raised by the assessee allowed for statistical purposes. - WTA No.9/Hyd/2022 - - - Dated:- 16-9-2022 - Shri R.K. Panda, Accountant Member AND Shri K. Narasimha Chary, Judicial Member For the Assessee : Shri E. P ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... der Sec 2(ea) of the Wealth Tax Act 1957. 4. The appellant craves leave to add, amend, alter, modify, substitute, abridge and/or rescind any or all of the above grounds with the kind permission of the Hon'ble Tribunal at any time either before or on the date of hearing. 2.1 Facts of the case, in brief, are that the assessee is a listed public limited company engaged in the business of manufacturing and sale of automotive and industrial lead acid batteries. The manufacturing activity and the registered office of the assessee is located at Karakambadi, Tirupati. The assessee filed its return of wealth manually on 30.09.2011 declaring a net wealth of Rs.2,23,28,013/-. The net wealth of the assessee consisted of motor cars only. I ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... quarter, the Assessing Officer held that the same has to be treated as an asset for the purpose of calculation of the net wealth. He further noted that the assessee company also collects a sum of money as rental charges which qualifies as perquisite in the hands of the employees. The explanation of the assessee that the sums so collected do not constitute the income of the assessee and that the same is deposited with the housing society of the company was not accepted by the Assessing Officer to keep the asset (staff quarters) outside the provisions of the Wealth Tax Act. Accordingly, he made an addition of Rs.7,20,73,072/-. 4. The Assessing Officer similarly noted that the value of the land as per fixed asset schedule annexed to the Ba ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... however, sustained addition of Rs.7,20,73,072/- on account of buildings (staff quarters) and addition of Rs.1,56,31,975/- being addition on account of vacant land. 6. Aggrieved with such order of the learned CWT(A), the assessee is in appeal before the Tribunal. 7. The learned Counsel for the assessee at the time of hearing filed the following additional evidences: i) Depreciation schedule ii)List of employees occupying the quarters iii)Summary of area occupied by factories and area left for greenery iv)Detailed list of area occupied by each of the factories and area left for greenery besides such factories. v) Details of land allotted to appellant by State Govt. vi) Copy of the national Environment Policy 2006 vi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r, it is his submission that there is no vacant land belonging to the assessee and the entire land is being used for industrial purposes. It is also his submission that if the additional evidences now filed are admitted, the same will substantiate that the assessee is not liable for any wealth tax. Since the additional evidences filed before us were neither produced before the Assessing Officer or the CWT (A) and since these additional evidences go to the root of the matter for deciding the appeal, therefore, considering the totality of the facts of the case and in the interest of justice, we admit the additional evidences and restore the issue to the file of the Assessing Officer with a direction to consider these additional evidences and ..... X X X X Extracts X X X X X X X X Extracts X X X X
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