2019 (8) TMI 4

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....y ACWT-3(1), Indore. 2. As the issues raised in these appeals are common and are relating to the same assessee these were heard together and are therefore being disposed off by this common order for sake of convenience and brevity. WTA No.01/2019 Assessment Year 2010-11 "1.That the learned A.O erred in low and the fact of the case and assessed net Wealth at Rs. 64,46,480/- as against the Return Net Wealth at Rs. 29,00,005/-. 2. For that under the facts and in the circumstances of the case there is no justification in not allowing exemption of motor car of Rs. 19,38,657/- and cash of Rs. 3,25,290/-. 3. For that under the facts and in the circumstances of the case there is no opportunity given o....

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....eturn Net Wealth at Rs. 29,00,005/-. 2. That the Ld. CIT(A) erred in law and facts of the case and confirmed the disallowance of exemptions on account of Motor car Rs. 14,00,679/-, cash of Rs. 43,895/- and Plots of Rs. 85,04,585/- as is assessed by Ld. A.O inspite of the fact that these assets were business assets of the assessee. The addition therefore made is totally wrong and illegal on the facts of the case. 3. That the Ld. CIT(A) erred in law and facts and in the circumstances of the case and confirmed the addition on account of difference arising in Fixed Assets of Rs. 59,51,879/- as is assessed by Ld.A.O and the Fixed assets shown as per the returns. The addition therefore made is totally wrong and....

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....at the assessee has wealth of more than 30 lakhs. Taking cognizance of the same and after recording reasons necessary approval was taken by the prescribed authority followed by serving of notice u/s 17 of the Wealth Tax Act for filing Wealth Tax Return. Assessee failed to appear on various dates of hearing but filed his reply on 22.02.2016 but no supporting and corroborative documents were filed by the assessee to support the claim of exemption u/s 2(e) of Wealth tax Act. Assessee disclosed net wealth as per the return at Rs. 29,00,005/-. Ld. A.O made addition at Rs. 22,63,947/- towards cost of motor car at Rs. 19,38,657/- and cash in hand at Rs. 3,25,290/- . Addition was also made for Rs. 13,18,529/- for the alleged difference betwee....