TaxTMI 
TaxTMI 
2018 (3) TMI 813
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....e Tax Act, 1961 was carried out at the premises of assessee on 27.08.2002. During the course of verification of records at the time of block assessment for assessment year 1997-98 to 2003-04, the Assessing Officer observed that the assessee had taxable wealth which had escaped from assessment as on 31.03.2002. The Assessing Officer issued notice u/s.17 of the Wealth Tax Act, 1957 (hereinafter referred to as 'the Act') for the assessment years 2002-03 and 2003-04. In response to notice, the assessee filed his Return of Wealth for assessment year 2002-03 on 30.03.2009 declaring net wealth of Rs. 4,72,800/- and Return of Wealth for the assessment year 2003-04 on 23.03.2009 declaring net wealth of Rs. 16,72,400/-. However, the Assessing Officer....
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....sh in hand. The Commissioner of Wealth Tax (Appeals) further directed the Assessing Officer to make addition in respect of flat at Shraddha Vihar, Solapur, as provision of section 5(1)(iv) were omitted by the Finance Act, 1992 w.e.f. 01.04.1993 in respect of self- occupied property. Now, the assessee is in second appeal before Tribunal assailing the findings of Commissioner of Wealth Tax (Appeals). The grounds of appeal raised by assessee in assessment year 2002-03 are as under: "The following grounds are taken without prejudice to each other- On facts and law, 1. Under the facts and circumstances of appellant's case and in law, the ld. CWT , Appeals erred in upholding that, following assets are taxable under the provis....
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.... 28.02.2002. In due course block assessment order u/s.158BC was passed. In the course of search, assessee had made declaration of Rs. 4,43,77,020/- and filed block return on income of Rs. 4,54,25,850/-. Notice u/s.17(3) was issued to the assessee under the provision of Wealth Tax Act on 19.03.2009 for impugned assessment years. In response to the said notice, the assessee filed return of Wealth Tax for assessment years 2002-03 and 2003-04. The Assessing Officer found that immovable and movable property as mentioned in the grounds of appeal have not been included in the 'Net Asset'. The Assessing Officer added the properties mentioned in the grounds of appeal in the net wealth of the assessee on the premise that the cost of properties has be....
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....efinition of "asset" u/s. 2 (ea) of the Act. 4.2 The ld. AR submitted hat it is not a case of Wealth Tax Officer or Commissioner of Wealth Tax (Appeals) that these are the assets which are transferred by the assessee otherwise than for adequate consideration. Therefore, the observation of Commissioner of Wealth Tax (Appeals) to the effect that these are 'Benami' transactions is totally incorrect. Similarly, the Commissioner of Wealth Tax (Appeals) has erred in observing that the assets are includible under the provision of section 4 of the Act. Except for Mrs. Neeta Puranchandra Rao, wife of assessee, other persons who owned the property do not fall within the meaning of section 4 of the Act. The ld. AR in support of his submissions plac....
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.... invoked. The ld. DR prayed for confirming the findings of Commissioner of Wealth Tax (Appeals) and dismissing the appeals of assessee. 5.2 The ld. DR further vehemently opposed the application filed by assessee for admitting additional evidences. The ld. DR submitted that assessee has not explained as to why the documents, now placed as additional evidences, would not be furnished before the Assessing Officer or Commissioner of Wealth Tax (Appeals). 6. We have heard the submissions made by representatives of rival sides and have perused the orders of Authorities below. The Assessing Officer has made addition of the properties in the 'net wealth' on the basis of statement recorded u/s.132(4) of the Income Tax Act, 1961. Undisputedly, ....