TaxTMI 
TaxTMI 
TaxTMI 
2018 (1) TMI 34
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....ion of wealth in the relevant assessment year in the return of net wealth filed by the Appellant, the re-opening of the assessment u/s.17 was without jurisdiction and consequently the reassessment was liable to be annulled. 3. The learned CWT(A) failed to appreciate that the order passed under Section 16(3) read with Section 17 of the Act was opposed to law and liable to be cancelled in that the assessing officer proceeded to pass the order along with the adjudication of the objections raised by the Appellant. 4. The learned CWT(A) ought to have appreciated that the assessment proceedings should have been commenced only after adjudication of the objections and having failed to do so, the assessment order passed was opposed to law and accordingly liable to be cancelled. 5. On the facts and in the circumstances, the order passed by CWT(A) is opposed to law and accordingly the impugned net wealth determinable is liable to be set aside. 6. The learned CWT(A) ought to have appreciated that the land remained to be agricultural land as on the valuation date and the conversion of land to non agricultural nature took place during the AY 2013-14 even though the order for conversi....
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....ter conversion of use of this land, the land has become nonagricultural land and is an asset for the purpose of Wealth-tax Act. The ld. Counsel for the assessee further contended that in the case of A.N. Manidatta (HUF), the Tribunal has not examined the revenue records and the contention of the assessee that despite the conversion of land for non-agricultural purposes, the land continued to be used as agricultural land. Therefore, this case should be decided independently without being influenced by the order of the Tribunal in the case of A.N. Manidatta (HUF) in WTA Nos.1 to 5/Bang/2016 dated 15.03.2017. 3. The ld. DR, on the other hand, has contended that the Tribunal has taken a view after taking all relevant evidence placed before it and once it is held that portion of the said land is converted for non-agricultural purposes in the other case, no different view can be taken. 4. Having carefully examined the orders of the authorities below in the light of rival submissions and the order of the Tribunal in the case of A.N. Manidatta (HUF) (supra), we find that an identical issue was examined by the Tribunal in the case of A.N. Manidatta (HUF) (supra) in which the Tribunal has ....
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....eld by the assessee for industrial purposes for a period of two years from the date of its acquisition by him or any land held by the assessee as stock-in-trade for a period of ten years from the date of its acquisition by him;" 09. There is no distinction in respect of agricultural land in the above provision. In the definition of "urban land" given in cl. (b) to Expln. 1 to S. 2(ea), there is no exclusion provided for agricultural land. Therefore, agricultural land which is urban land is includible in the definition of "asset' in s. 2(ea). Subsequently, the definition of urban land in the Wealth Tax Act, 1957 has been amended by Finance Act 2013 w.e.f. assessment year, 1993-94 to specifically provide that wealth tax is not leviable on urban land which is, (i) classified as agricultural land in the records of the Government; and (ii) used for agricultural purposes. Thus, both conditions that is the land in question should be agricultural land and it should also be used for agricultural purposes have to proved to satisfy the claim of exemption under the Wealth Tax Act. 10. Now let us examine the evidences. Shri A R Narendranath is father of Shri Manidatta, kartha....
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....by the Bangalore Development Authority! B. M .R. D A. (Local Planning Authority), B. M.I.C.AP.A. /Pollution Control Board and thereafter building may be constructed in conformity with the approved plan. Without obtaining approval for Layout Plan in this land, no alienation shall be made. (4) The other necessary Road area, Road margin, vacant space, etc. shall be reserved for the required purpose after fixing the required extent in accordance with law and also as stipulated in the Layout plan approved by the Bangalore Development Authority/ B.M,R.D.A. (Local Planning Authority)/ B.M.I.C.A.P.A. / Pollution Control (5) Without obtaining sanctioned Plan from the Authority concerned, Site/Building shall not be got registered. If the entire extent of converted is proposed to be sold, then this order will not come in its way. (6) In the interest of the public, it is the responsibility of the Applicant to provide Civic Amenities such as Electricity, Water supply , Drainage System etc . in the land in question to the site owners in accordance with law to keep good Health, clean environment, public facilities and security. (7) In case of any phoot kharab land adjacent to this lan....
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....alore District, Bangalore. Copy sent to the following for taking suitable further action: (1) Tahsildar, Bangalore North Taluk, Bangalore along with original file and Challan, with a request to make entries in the concerned RTC regarding conversion of land in respect of the elated survey number and reduce the land tax in the Khatedar account in respect of this land, (2) Commissioner, BDA, Bangalore/ B.M.R.D.A. (Local Planning Authority), B.M.I.C.A.P.A., for taking further suitable action, (3) Assistant Commissioner, Bangalore North Sub Division, Bangalore. (4) Deputy Director, Survey and Land Records, Bangalore Sub Division, Bangalore, along with R.T.C. and Sketch, with a request to complete the Land Conversion Phode work immediately. (5) The Sub Registrar, Yeshwanthpur Hobli, Bangalore North Taluk, Bangalore for information, (6) Sri A.R,Narendranath, Applicant, ARS Farm S.M.Road, T.Dasarahalli, Bangalore - 560057, under certificate of posting. (7) Extra Copy. Sd/- (H. Ramanjaneya) Special Deputy Commissioner, Bangalore District, Bangalore." 11. From the evidences , it is clear that Sri A R Narendranath made two applications dt 25.9.2006 for t....