TaxTMI 
TaxTMI 
2019 (12) TMI 603
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..../2012, fixing the case for 21/9/2012, which was duly served on 20/9/2012, as against the last date prescribed for issue of notice u/s 16(2) of Wealth Tax Act, 1957, on or before 31/8/2012. Thus, whole proceedings are against the Law and the assessment is not a valid assessment and deserves to be quashed. 2). a). The Ld. CIT(A) has erred in Law in confirming the agriculture land situated at Village Neb Sarai, Tehsil Hauz Khas, New Delhi, as urban land within the ambit of assets as defined in section 2(ea)(v) of the Wealth Tax Act, 1957 and thereby denying the exemption for such agriculture land. b). The Ld. CIT(A) has erred in denying the exemption available to the appellant being agriculture land not falling under the definition of sp....
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....lture Land from Cost to Circle rate / Market Value without allowing the appellant proper opportunity to present its case, as no show cause notice was issued to the appellant for enhancement of net wealth, by the present CIT(A)-2." 3. Brief facts of the case shows that the assessee filed her return of wealth tax on 18.08.2011, declared net wealth of Rs. 69162111/-. Assessment as on valuation dated 31.03.2011 was made by the ld Deputy Commissioner of Wealth Tax, Central Circle-20, New Delhi determining total taxable wealth tax of Rs. 8707337/-. There is an addition of Rs. 17911226/- in the net wealth of the assessee with respect to land at Neb Sarai, New Delhi. 4. The order of the ld Wealth Tax Officer was challenged. The ld Commissioner ....
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....atutory period and therefore, the whole assessment is invalid. He further submitted that section 42 of the wealth tax act only saves the notices, which are validly, in time, issued by WTO. 7. The ld DR vehemently relied upon the provisions of section 42 of the Wealth Tax Act and submitted that now the assessee cannot object of non-issue of notice in time. He vehemently supported the order of the ld CIT(A). 8. We have carefully considered the rival contentions and also perused the orders of the lower authorities. Provisions of section 16 (2) provides as under :- ASSESSMENT (2) Where a return has been made under section 14 or section 15, or in response to a notice under clause (i) of sub-section (4) of this section, the Assessing Offi....
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....ny inquiry relating to an assessment or reassessment, it shall be deemed that any notice under any provision of this Act, which is required to be served upon him, has been duly served upon him in time in accordance with the provisions of this Act and such assessee shall be precluded from taking any objection in any proceeding or inquiry under this Act that the notice was- (a) not served upon him ; or (b) not served upon him in time ; or (c) served upon him in an improper manner : Provided that nothing contained in this section shall apply where the assessee has raised such objection before the completion of such assessment or reassessment. 11. According to that section, in certain circumstances notice shall be deemed to be valid....