2012 (5) TMI 695

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....04-05 to 2006-07 respectively. As the issues involved in these appeals are identical, these were heard together and are being disposed of by this consolidated order for the sake of convenience. 2. The assessees have raised common grounds of appeal in all the appeals. However, the common grounds of appeal raised in WTA No.12 are reproduced as under: "1. That the order of the Ld. CWT(Appeals), Jalandhar is against the law and facts of the case. 2. That the Ld. CWT(Appeals) had gravely erred in law in failing to appreciate that 'agricultural lands', whether situated within the 'Urban aglomeration' or within the notified area limits would not falll within the 'Scope & Domain' of the terminology 'Asset" as contemplated u/s 2....

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....ance of the settled position of law as had been so laid down by the Hon'ble Supreme Curt, Hon'ble Punjab & Haryana High Court, Entry 86 & Entry 97 as is so contemplated in the Union List of the 'Constitution of India' and the Circular of the CBDT substantiating the assessee's contention. 5. That the CWT(Appeals) gravely erred in law that vide the Finance Act, 1992, the then Finance Minister had specifically brought only non-productive assets within the ambit of Wealthtax Act,1957 and by no stretch of imagination agricultural land i.e. land on in which agricultural operations are being carried on, whether situated within or outside the urban areas could be held in our Indian economy as a 'non-productive assts'. 6. That with....

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....by the Revenue Authorities are not disputed by both the parties, therefore, there is no need to repeat the same for the sake of convenience. 4. At the time of hearing both the parties agreed that the issue in dispute has already been adjudicated and finally decided against the assessee by the Hon'ble Supreme Court of India in the case of Gurdip Singh Nagra vs. Commissioner of Wealth Tax , Jalandhar and others in Special Leave to Appeal (Civil) No(s). 30267/2011, arise from the judgment and order dated 06/04/2011 in WTA No.38/2010 of the Hon'ble High Court of Punjab & Haryana at Chandigarh, which the assessee has attached at page 3 - 4 of the small paper book containing pages 1 to 13. 5. In addition to the said admitted position, the L....