2020 (10) TMI 313

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....passed by the Income Tax Appellate Tribunal, Madras 'C' Bench, Chennai in W.T.A. Nos. 25, 26 & 27/Mds/2016 dated 23.11.2016 for the Assessment Years 2005-2006, 2006-2007 and 2007-2008 respectively. 2. The following substantial questions of law have been raised for consideration: "1. Whether under the facts and circumstances of the case and in law, the Tribunal was right in dismissing the appeal of the department stating low tax effect when the tax effect mentioned in the CBDT Circular No.21/2015 is applicable only for income tax matters and while the impugned appeal is under the Wealth Tax Act. 2. Whether under the facts and circumstances of the case and in law, the Tribunal was right in relying on the CBDT Circ....

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.... monetary limits for filing of appeals in Income tax case as prescribed in Para 3 of the Circular shall also apply to Wealth Tax appeals through extension of the Circular to Wealth tax matters in a mutatis mutandis manner and with modifications as prescribed hereunder: 3. For the purpose of Wealth Tax appeals: A. Para 4 of the Circular shall be read as follows: "For this purpose, 'tax effect' means the difference between the tax on Net Wealth assessed and the tax that would have been chargeable had such Net Wealth been reduced by the amount of wealth in respect of the issues against which appeals is intended to be filed. However, the tax will not include any interest thereon, except where chargeability of ....

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....atter. The issue pertains to valuation of a property in Neelankarai village. The assessee contended that the property falls within the high tide zone and in the terms of the coastal zone regulations, the property cannot be put to use for the purpose of constructing any building there on and even if an application is made to the local planning authority / local body, the same will be rejected, as the planning authorities have no jurisdiction to deal with any application for grant of planning permission on a land, which falls within CRZ limits. 8. The assessing officer did not agree with the same, however, the Commissioner of Income Tax [Appeals] - 15 Chennai, [for brevity, 'CITA'] agreed with the assessee by taking note of the fac....