2016 (11) TMI 63

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.... Per Smt. P. Madhavi Devi, J. M. All are Revenue's appeals for the A.Ys. 2004-05 to 2008-09. In all these appeals, the only grievance of the Revenue is that the CIT(A) has erred in allowing the exemption of the value of the plot to the extent of 500 sq. mts under section 5(1)(vi) of the Wealth Tax Act treating it as a basic exemption limit and deleting the addition made by the A.O. in respect o....

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....ssing Officer observed that the assessee is owning a plot admeasuring 935 sq. yards at Jubilee Hills Coop. Housing Society at Plot No.509-M-III and a car of book value of Rs. 4 lakhs as on 31.03.2004. He observed that in the net wealth statement, the assessee has shown only Rs. 338 sq. yards as the taxable asset after claiming exemption to the extent of land 597 sq. yards @ Rs. 5,500. Since the pl....

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....case of an assessee holding a plot comprising of an area of 500 sq. mts., or less but it is not a standard deduction that the exemption is to be given up to a limit of 500 sq. mts. Therefore, according to the Ld. D.R. the CWT(A) has misunderstood the provision of law and has erroneously granted the relief to the assessee. 5. On the other hand, the Learned Counsel for the assessee, has supported....

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....decision of ITAT in the case of Shri Sunil B. Handa in WTA.Nos. 15 to 18/Ahd/2009 dated 29.06.2012 for giving relief to the assessee. On perusal of the order of the Tribunal, we find that the Tribunal was concerned with the allowability of exemption of the value of a residential house on a plot of land under section 5(1)(vi) and while giving a finding that the exemption is not allowable in the sai....