TaxTMI 
TaxTMI 
2018 (2) TMI 736
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.... for the facility of reference, we take up the facts from the assessment year 2007-08. According to the AO, on verification of record it revealed to him that wealth of the assessee exceeds limits under the Wealth tax Act, and he has not filed his return of wealth. Therefore, a notice under section 17 of the Wealth Tax Act dated 26.3.2014 was issued and served upon the assessee. However, the assessee did not file return for the Asstt.Year 2007-08 and the ld.AO has issued a notice under section 16(4) of the Act to set the assessment machinery in motion. The assessee thereafter filed his wealth-tax return on 9.3.2015 declaring net wealth at Rs. 36,11,547/- in the assessment year 2007-08. The assessee has disclosed the following properties and ....
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....I have considered the submissions of the learned Authorized Representative and the order of the Assessing Officer. The appellant has taken a plea that the A.O has not adopted the valuation of land situated at different places. Since, the assets (land) is agricultural and hence outside the purview of wealth tax. 4.4. The A.O in his assessment order has determined the value by (i) Indexation method (ii) valuation by approved valuer (iii) Prevailing Jantri rate, whichever is higher. 4.5. The A.O has adopted the value for Property No.1 R.S.No.604 At Vejalpur, Tal. Kalol at Rs. 1,73,613/- whereas the appellant adopted as per Indexation cost of Rs. 1,73,354/-. Hence, there is difference of Rs. 259/- was added to net wealth of the appellant. T....
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....was a difference of Rs. 3,50,244/-. The A.O has reported vide letter dated 16.01.2017 that report of AVO-1, Ahmedabad is still awaited. The A.O is directed to adopt the valuation of Property at 1/1 at Goli,Godhra on receipt of the report from the AVO, if the valuation is more than the jantri value of the property, then the same should be adopted. 5. The Fourth ground of the appeal is as under: "4. The Learned WTO has erred in charging interest under section 17B of the Wealth Tax Act. It is submitted that charging of interest is incorrect, invalid and not justified. It be held so now and same be deleted in toto." 5.1. During the course of Assessment proceedings, the Assessing Officer has not discussed anything else about the above groun....
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....y valuation could be deemed as full consideration on transfer of capital assets [Section 50C]. But sub-section 2 of section 50C provides a remedy to the assessee in case he has aggrieved with adoption of such sale consideration on the basis of deeming provision. He can file a reference to the AO and the AO shall send the reference to the DVO for determining fair market value of the property on the date of transfer. Thus, it cannot be taken as gospel truth. The assessee has to be given an opportunity to contest this rate. Similarly, report of the DVO is to be supplied to the assessee his comments are to be taken. Only thereafter net wealth could be determined. In the present cases, report of the DVO is still awaited. While dealing with the p....