TaxTMI 
TaxTMI 
2017 (12) TMI 1267
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.... of 10 acres of land in Survey No. 972/AA of Kukatpally for a consideration of Rs. 1 Crore by assessee to Shri Pramod Kumar Gupta and Shri Janaki Rama Rao during the FY. 2006-07 was found and seized. Based on the said information, wealth tax assessment was reopened u/s. 17 of the Wealth Tax Act. In the course of assessment proceedings, AO adopted the taxable wealth at Rs. 3.35 Crores based on the adoption of market value for the 10 acres of land stated to be in the ownership of assessee as per the agreement of sale. 3. Before the Ld.CIT(A), assessee contended that reopening of assessment is bad in law and further on merits that possession of land was not handed-over, there were disputes about ownership of the land, as the said land was occ....
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....upation by others and the writ petition by the assessee on the issue, stood dismissed by High Court. In this regard, it would be relevant to observe that the information brought on record by the assessee appears only part of the information/facts of the case, with the document under reference, being an Agreement for Sale deed dated 15-11-2006, was a reality, with the document has been signed by both vendees and by the assessee as a solo vendor and the document got registered, with the actual sale consideration of Rs. 50.00 lakhs mentioned therein. With the said information as found in search proceedings is so clear, there lies no do doubts the ownership over the land. The Agreement for Sale is very clear in proving that the assessee is sole....
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....sessee is not in possession of property at all. He further referred to the report of the Dy. Collector, Balanagar Mandal, dt. 01-01-2009, wherein it is clearly stated that the land is recorded as Government land and was already allotted for public purposes to MM Court 5 acres, traffic police station 0.8 Gts, Indian Red Cross Society 0.8 Gts, Victoria Society Church 0.8 Gts and Dr. B.R. Ambedkar Association, one acre. It was the submission that assessee was neither in possession of the property nor could handed over the property to the buyer. Accordingly, adoption of the value is not correct. Further, it was submitted that on the basis of the very same agreement, Income tax proceedings were also initiated for AY. 2007-08 with reference to ca....