TaxTMI 
TaxTMI 
TaxTMI 
2019 (9) TMI 416
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....thorities below have erred In imposing wealth tax on a non-urban land, of 21.65 acres (equivalent to 3464 maria) situated at Khata No. 335, Village-Bandwahi, Gurgaon, which does not fall in the ambit of 'assets' under the Wealth Tax Act, 1957. The action of the authorities below is wrong, illegal, misconceived, unjustified and bad at law therefore it should be quashed. 2. On the facts and in the circumstances of the case and in law, the authorities below have erred in confirming addition of Rs. 11,03,68,870/- to the net wealth of the assessee by adopting the circle rate of the land as on 31.03.2014, which is not as per the rules laid down under Schedule III of the Wealth Tax Act, 1957. The action of the Learned Assessing Officer i....
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.... AO's action by adopting the circle rate of for stamp duty purpose applicable on agricultural of the village. The assessee has strongly relied upon the definition of 'urban land' as given in section 2(ea)(b), wherein the statute provides that the urban land does not include, land classified as agricultural land in the records of the Government and used for agricultural purposes; or land on which construction of a building is not permissible under any law for the time being in force. Assessee's detailed submission in this regard has been incorporated from pages 6 to 17 of the appellate order. Ld. CIT(A) has also called for the remand report from the AO, who submitted his remand report vide letter dated 30.11.2017 which too has been incorpora....
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.... the land in question has no value. The departmental valuer has established that the entire land is not 'Ger Mumkin Pahar' but 'Bhud Land' also. Infact 17.1375 acres is 'Ger Mumkin Pahar' and 4.5125 acres is 'Bhud Land'. I find that there is no necessity or compulsion for the appellant to sell the entire chunk of land in one piece. As such, this plea of the appellant is also not acceptable. Accordingly, I determine the value of land in question at Rs. 11,36,75,000/-, against that determined by AO at Rs. 27,02,50,000/-." 4. After hearing both the parties at length and on perusal of the relevant finding given in the impugned order as well as material referred to before us, we find that the moot question before....
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....e land classified as agricultural land in the records of the Government and used for agricultural purposes or land on which construction of a building is not permissible under any law for the time being in force in the area in which such land is situated or the land occupied by any building which has been constructed with the approval of the appropriate authority or any unused land held by the assessee for industrial purposes for a period of two years from the date of its acquisition by him or any land held by the assessee as stock-in-trade for a period of ten years from the date of its acquisition by him." 5. The urban land which is treated as a capital asset for the purpose of imposing wealth tax must be that, firstly, the land should be....