2019 (11) TMI 1121

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.... 2. Shri V.R. Venkatachalam, the assessee, has not filed returns of wealth and hence, the AO issued notices U/s.147 for the assessment years 2007-08 to 2012-13, respectively and completed the assessments for the impugned assessment years. While doing so, the valuation of T.Nagar property was determined and Net Wealth was calculated. Aggrieved against those orders, the assessee filed appeals before the CWT(A) and the ld.CWT(A) dismissed those appeals. Aggrieved against those orders, the assessee filed these appeals, challenging the Net Wealth determination for each of the above assessment year. 3. The ld.AR pleaded that the only issue in these appeals is in respect of the land at T.Nagar. In the returns, the assessee returned the value ....

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.... alleged encroachment. Although the assessee submitted that there is encroachment in the subject property as a result of which neither bank loan could be obtained nor property could be sold, the assessee has not submitted any evidence to prove that he had applied for bank loan. He has also not filed any evidence to prove that the bank was reluctant to extend any loan. Likewise, the assessee has not proved either to the satisfaction of the AO or to the satisfaction of the ld.CWT(A) that the alleged encroachment, which was there as per the assessee, existed even as on the valuation date. If the encroachment was there even at the time of buying the property by the assessee, how he embarked on this deal is a valid question. The ld CWT(A) held t....