2015 (12) TMI 1274

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....ng Counsel For the Respondent : Mr S. Krishnan JUDGMENT Vibhu Bakhru, J 1. The Revenue has filed the present appeals under Section 27A of the Wealth Tax Act, 1957 (hereafter 'the Act') calling into question a common order dated 20th June, 2014 passed by the Income Tax Appellate Tribunal (hereafter 'Tribunal') in WTA No. 21/Del/2013 and 22/Del/2013 relating to the assessment years (here....

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....ner of Income Tax (Appeals) [hereafter 'CIT(A)']. Since the Assessee had not filed its Wealth Tax Return for the AY 2006-07 and 2007-08, notices u/s 17 were issued to the Assessee on 10th May 2010. Additional notices u/s 16(4) were issued on 15th November 2010 and 6th December 2010. In response to the said notices, the Assessee filed a letter dated 13th December 2010 along with a copy of the Balan....

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....h Rs. 1,40,00,000/- as on 31st March, 2006 and 31st March, 2007, its value had to be included in the taxable wealth of the Assessee u/s 2(ea) of the Act. Interest was also charged u/s 17B and penalty proceedings were initiated u/s 18(1)(c) of the Act. 4. The Assessee filed two appeals before the CWT(A) against the assessment orders for the AY 2006-07 and 2007-08. The CWT(A) relying upon the ord....

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....n WTA No.21/Del/2013 and 22/Del/2013 is impugned in the present appeals before this Court. By an order dated 11th February, 2015, this Court framed the following substantial question of law: "Did the Income Tax Appellate Tribunal (ITAT) fall into error in holding that the assessee who is not owner of the Lamborghini Car since it did not acquire the asset and was therefore not liable under....