2020 (3) TMI 1047

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....r the sake of convenience. 2. The facts as taken from AY 2013-14 being WTA No. 79/Hyd/2018 are that the assessee is a non-resident Indian residing in Jeddah, Saudi Arabia. During the course of income-tax proceedings for the AY 2007-08, it came to the light of the AO that assessee was owning assets exceeding the taxable limits. The assessee is the owner of a residential house bearing Municipal No. 8-2-703/5, Road No. 12, Banjara Hills, Hyderabad, apart from this, the assessee has 5 other plots mentioned below as on 31st March, 2013. Sl. No. Description of property Extent of land Sub-Registrar value as on 31/03/2013 (Rs.) 1 Plot No. 7 & 8, Puppalaguda, Rajendra Ngar, RR Dist. 596 Sq.Yds 26,82,000 2 Plot No. 25....

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....he property is only 50%. 4.1 Rejecting the explanation of the assessee, the CIT(A) observed that the property is within the HUDA limits i.e. within the 8 kilometers from the municipal limits and therefore, it is taxable u/s 2(ea) of the WT Act. He, accordingly, sustained the addition made by the AO on this property. 5. With regard to the asset located at Golden Heights Colony, Budvel, since no submissions had been filed by the assessee, the CIT(A) sustained this addition. 6. In respect of the property located at Shivrampally Jagir, the assessee stated that this property was gifted orally to his son as HIBA under Muslim Law, therefore, the property cannot be taxed in his hands. 6.1 Rejecting the explanation of the assessee, the C....

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....Nagar, R.R. District, the Learned CIT(A) has treated as Taxable under the Wealth Tax Act, based on the assumption that since the property is having the HUDA layout it falls under the GHMC limits. This is not applicable, as the Property is outside the GHMC limits. A property having HUDA layout does not claim that it falls under GHMC limit, there should be a proper notification of the same. As both GHMC and HUDA are diversified government Bodies. Thereby, treating this property as falling under GHMC limits is not acceptable. 3. The Appellant has no issue with regard to the property located at Golden Heights Colony, Budvel, Ranga Reddy District. 4. The Appellants, third property (which no longer belongs to him), is b....

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..... DR, on the other hand, relied upon the orders of revenue authorities. 10. We have considered the rival submissions and perused the material on record as well as gone through the orders of revenue authorities. The assessee is having 5 properties, which according to the AO are taxable under the Wealth Tax Act and comes within the purview of section 2(ea) of the WT Act. We are of the view that the revenue authorities without appreciating the facts as well as the explanation offered by the assessee, passed the orders. In respect of properties mentioned at 4 & 5 of the table (supra), the assessee has filed unregistered stamp paper, it shows that he has gifted the properties to his son as well as to his nephew. However, the revenue authoriti....