TaxTMI 
TaxTMI 
2019 (2) TMI 199
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.... are appeals of the following assessees against the orders listed against their respective names, for the impugned assessment years. Assessees name Assessment year Authorities passing the order Date of order KV P Nagarajan 2011-12 Ld. PCIT, Central-2, Chennai. 27.03.2018 C. Soundeswari 2012-13 Ld. PCIT, Central-2, Chennai. 20.03.2018 KVP Govindaraju 2011-12 Ld. PCIT, Central-2, Chennai. 26.03.2018 KVP Govindaraju 2012-13 Ld. PCIT, Central-2, Chennai. 26.03.2018 K. Prema 2009-10 Ld. PCIT, Central-2, Chennai. 26.03.2018 K. Prema 2010-11 Ld. PCIT, Central-2, Chennai. 26.03.2018 B. Vijaya 2009-10 Ld. PCIT, Central-2, Chennai. 19.03.2018 B. Vijaya ....
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....sentative, ld. PCWT took an erroneous view that the loans taken by the assessees could not be set-off against the cash held by the assessees at the end of the previous years relevant to the impugned assessment years, for the purpose of computing the net wealth. Contention of the ld. Authorised Representative was that ld. PCWT was under a mistaken notion that the net worth computed by ld. WTO was not in accordance with Rule 1 of Schedule III of the Act. As per the ld. Authorised Representative, only the net wealth after deducting debts against each of the asset falling within the definition of that term in Section 2(m) of the Act could be reckoned while computing net wealth. Submission of the ld. Authorised Representative was that loans a....
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....ntative, Shri. S.R. Sri Krishna, Chartered Accountant appeared on the various dates mentioned above and produced the details called for. Statement of wealth fixed assets and detailed working of taxable wealth was filed. The details submitted were examined with reference to the details filed in the I.T. returns of income. Copies of VAO certificate, chitta adangal etc., were filed in support of the claim of agi. Lands. Details of debts were also filed''. Crux of the argument of the ld. Authorised Representative before us is that in the Wealth Tax returns filed by the respective assessees, debts which were incurred in relation to the cash was correctly shown and the ld. Assessing Officer had verified such returns with the details filed by t....
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....er of the Principal Commissioner of Wealth Tax. 8. We have considered the rival submissions. Admittedly the return in Form-BA is a statutory form and in the said Form, provision has been provided for claiming the set off of the debts owed in relation to asset 'cash on hand'. When such set off is permissible while computing the value of the specified asset u/s.2(ea)(vi) of the Act, interpretation to section 2(m) is only a change of opinion. In any case, the ld. Assessing Officer, when completing the assessment u/s.16(3) of the Act, has also examined the issue of assessee's claim in respect of set off of the debts owed in relation to asset 'cash on hand'. Thus, the order passed u/s.25(2) of the Act by the Principal Commissioner of We....
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....ed that assessees had filed various details called for during the assessment proceedings. However, there is nothing on record to show that ld. Wealth Tax Officer had enquired anything about the set-off claimed by the assessees against cash balance or received any reply specific to such enquiry. Charging Section 5 of the Act stipulates charge of wealth tax on net wealth. Net wealth is defined in Section 2(m) of the Act which is reproduced hereunder:- ''(m) "net wealth" means the amount by which the aggregate value computed in accordance with the provisions of this Act of all the assets, wherever located, belonging to the assessee on the valuation date, including assets required to be included in his net wealth as on that date und....