2015 (6) TMI 147

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....ppeals) is not justified in sustaining the action of the Assessing Officer in bringing to wealth tax assessment land and buildings at Salem road, Namakkal totalling to Rs. 37,27,272/- and Rs. 1,07,80,103/- on the ground that construction of commercial complex building was incomplete as on 31.3.2005 and 31.3.2006 relevant to the assessment years 2005-06 & 2006-07 respectively. 3. Brief facts are that Assessing Officer while completing the wealth tax assessments for these two assessment years brought the land at Salem road, Namakkal in survey no.154 and 154/3 to wealth tax on the ground that assessee has applied for construction of building on 4.4.2005 and got approval only on 18.4.2005, though the assessee furnished bills, vouchers in res....

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.... and the decision of Kerala High Court in the case of Appollo Tyres Ltd. Vs. ACIT in WTA No.197 of 2009 dated 7.12.2009. 5. Departmental Representative supports the orders of lower authorities in bringing to wealth tax the said properties for both these assessment years. 6. Heard both sides. Perused orders of lower authorities. It is not disputed that assessee has shown huge construction expenses during the assessment years 2005-06 and 2006-07 in the income-tax returns and they were all accepted by the Department. It is not in dispute that assessee has furnished bills and vouchers for the materials purchased such as steel, cement, sand, iron, labour expenses, lorry freight etc. for completing construction of the building. The only rea....