TaxTMI 
TaxTMI 
2018 (2) TMI 736
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....ts on all vital points are common. Therefore, 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 assesse....
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....rmination of wealth-tax assessee carried the matter in appeal before the ld.CIT(A). The ld.CIT(A) has partly allowed appeal of the assessee. The discussion made by the ld.CIT(A) in the Asstt.Year 2007-08 reads as under: "4.3. 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....
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....017 that report of AVO-1, Ahmedabad is still awaited. The A.O is directed to adopt the valuation of Property of R.S.7, Narol, Ahmedabad on receipt of the report from the AVO, if the valuation is more than the value of the property declared and accepted by the A.O. 4.9. The A.O has adopted the value of land 1/1 At Goli,Godhra at Rs. 5,75,244/-, whereas the appellant has shown it at Rs. 2,25,000/- and, thus, there 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 ....
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.... asset for the purpose of taxability under the wealth- tax Act. The alleged jantri value is nothing but a corroborative piece of evidence notified by the stamp valuation authority for the purpose of charging stamp duty on registration of sale deed. In a way, it is a ready-made reckoner to determine rate in a particular area. But it is always subject to challenge even under the Income Tax Act which has been provided that value adopted for the purpose of stamp duty 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 referen....