TaxTMI 
TaxTMI 
2015 (9) TMI 1188
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....rned counsel for the assessee has stated at the bar that he does not wish to press the cross objections for both the years. Accordingly, the cross objection Nos.15 & 16 are dismissed as withdrawn. 3. Aprops both the appeals, the WTO considered the land of the assessee as an asset assessable to Wealth Tax, within the provisions of Explanation (b) to section 2(ea) of Wealth Tax Act. The learned CWT(A) deleted the consequent addition made by the WTO, on account of value of taxable wealth stated to have not been declared by the assessee. 4. The learned DR has contended that the learned CWT(A) has erred in deleting the addition made, without considering that as per section 2 of the Wealth Tax Act, urban land is taxable and the assessee was....
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....ional evidence to support the fact that land in question was agricultural land and agricultural operations were carried on thereat. This evidence was taken into consideration by the learned CWT(A) and on the basis thereof and the submissions made by the assessee, the leanred CWT(A) held that the land of the assessee were exempt from Wealth Tax, being covered by the amended definition of 'asset'. 7. Since it is the above action of the learned CWT(A) which is challanged before us at the hands of the department, we will deal with this aspect of the matter first. 8. In this regard it is seen that the orders of the WTO are dated 16.12.2011. The legislature amended section 2(ea) of the Wealth Tax Act by the Finance Act, 2013, with retrospec....
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....efore the learned CWT(A), in the shape of copy of agreement to sell, dated 7.04.2005, specifying the details of the land in question, in Khesra Nos., copy of revenue record, classifying the land as orchard land, copy of "Proposed Land Used Pland 2021" issued by the Srinagar Development Authority, classifying the land of the assessee as orchard land. The learned CWT(A) called for a remand report on this issue from the WTO. The WTO submitted a remand report dated 26.05.2014. With regard to the question of admission of additional evidence, the WTO stated that since the assessee did not fullfil any of the conditions laid down in Rule 46A of the IT Rules, 1962, this evidence be not admitted. With regard to the merits of the assessee's claim of h....
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....e's claim of the land being classified as agricultural land in the records of the Govt. and of it being used for agricultural purposes. It was therefore, that the learned CWT(A) held and, correctly so, that the land of the assessee was covered by the amended definition of 'asset' within the meaning of Section 2(ea) of the Wealth Tax Act and that it was exempt from levy of Wealth Tax. 12. Before us, other than making bald assertions, the deparmtnet has not been able to show as to how the decision arrived at by learned CWT(A) is either erroneous, or perverse. Therefore, once the land of the assessee stands classified in the Govt. records as agricultural land and once it is used for agricultural purposes, this land invariably falls within t....