2018 (10) TMI 750

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....H (9992) ORAL ORDER (PER : HONOURABLE MR.JUSTICE AKIL KURESHI) 1. Petitioner has challenged a notice issued by the respondent- Assessing Officer under section 17 of the Wealth Tax Act, 1957. In such notice, he indicated that he has reason to believe that income chargeable to tax for the assessment year 2013-14 had escaped assessment within the meaning of section 17 of the Wealth Tax Act, ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....08/- Land at Sultanabad (Plot No. 15) : Rs. 14,37,896/- Land at UmraPanas (S.No. 157) : Rs. 4,40,000/- Shop No. L-8 & 9(Royal Palace) : Rs. 60,31,315/- Flat No. 1009 (Royal Palace)    Rs. 47,84,347/- Land at Khajod (B.No. 223)   Rs.8,19,596/- Land at Khajod (B.No. 216)   Rs.3,88,092/- Land at Parujan (B.No. 523)  ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....s negative capital balance. Such objections were disposed of by the Assessing Officer by an order dated 23.04.2018 observing inter alia that the assessee had not established the nexus between unsecured loans and other liabilities in connection with the assets. The assessee has not explained how unsecured loans and other liabilities were applied to acquire the assets of the wealth. He also noticed ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

...., from the return of income filed by the assessee under the Income Tax Act and the documents annexed therewith noticed that the assessee had sizeable investment in fixed asset valuation of which along with cash in hand showed by the assessee came to Rs. 2.30 crores (rounded off) after reducing the exemption wealth of Rs. 30 lacs. He prima facie believed that net taxable wealth of Rs. 2 crore had e....