2019 (5) TMI 440

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....ri Vedanshu Tripathi, Sr. D.R. ORDER PER Ms. MADHUMITA ROY - JM: The instant appeal filed by the assessee is against the order dated 06.10.2017 passed by the Commissioner of Income Tax (Appeals)-2, Ahmedabad under section 16(3) r.w.s. 17 of the Wealth Tax Act, 1957 (in short 'the Act') arising out of the order dated 24.11.2016 passed by the DCWT, Circle - 2(1)(1), Ahmedabad for the Assess....

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.... the assessee is before us. 3. At the time of hearing the Learned Advocate appearing for the assessee submitted before us that the payment for motor cars were made out of cash credit facility and the cash credit amount outstanding as on valuation date on 31.03.2009 was more than the value of vehicles and thus the amount of net wealth is below taxable limit. However, it appears from the orders p....

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....aid vehicle was, therefore, not accepted by the Learned CIT(A) and thus at the time of hearing, the Learned Counsel further prays for the issue to be set aside to the file of the Learned CIT(A) to verify the same afresh. 4. Having heard the Learned counsel appearing for the respective parties, having regard to the facts and circumstances of the case, we find it fit and proper to set aside the i....