2020 (12) TMI 1059

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....ence, they were clubbed, heard together and disposed of by way of this consolidated order. 2. The assessee has more or less raised common grounds of appeal for both the assessment years, therefore for the sake of brevity grounds of appeal filed for the assessment year 2005-06 are reproduced as under:- "1. The order of the learned Commissioner of Income-tax (Appeals) in confirming the addition of the value of the property at Corporation Colony when it is exempt from tax under section 2(ea) of the Act as the property was let out for more than 300 days and the rental income was duly admitted in the income- tax returns filed. 2 The leaned Commissioner of Income-tax (Appeals) without waiting for the remand report called for has decided the....

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....t therefore pray that the additions to the net wealth of the following properties may be deleted for the reasons stated above and the assessing officer may be directed to re-compute the net wealth of the appellant i) Property at KK Nagar used for residence : Rs. 38,24,240 ii) Property at Andheri, Bombay used for Profession .. Rs. 19,63,000 iii) Property at Corporation colony (let out) ... Rs. 12,30,000" 3. Brief facts of the case are that the assessee did not file wealth tax returns for assessment year 2005-06 and 2006-07. The Assessing Officer, however was of the view that the assesse would be liable to wealth tax based on the income tax returns filed for the relevant assessment years and hence reopened the assessments under sec....

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.... submit his remand report in respect of certain issues in light of various claims made by the assesse including, property used for his own business purpose. Therefore, these appeals may be set aside to the file of the Assessing Officer to reconsider the issue of taxability of certain assets in light of the additional evidences filed by the assessee . 5. The learned DR, on the other hand, strongly supported the order of the learned CWT(A), however, fairly agreed that appeals may be set aside to the file of the Assessing Officer to reconsider the issue in accordance with law. 6. We have heard both the parties, perused the material available on record and gone through the orders of authorities below. The preliminary objection of the learned ....