2021 (4) TMI 1010

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....makrishnan, FCA Respondent by : Mr.Suresh Periasamy, JCIT ORDER PER S. JAYARAMAN, ACCOUNTANT MEMBER: The assessee filed these appeals against the Orders of the Commissioner of Wealth Tax (Appeals)-16, Chennai, dated 24.08.2017 in ITA No.84/CIT(A)-16/2009-10 & in ITA No.84/CIT(A)-16/2010-11 for the AYs 2009-10 & 2010-11 respectively. 2. These appeals were filed with a delay of three ....

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....erving that the assessee was in possession of vacant land at Baraniputhur as on 31.03.2009. In the computation of statement of net wealth, the value of the land at Baraniputhur was admitted Rs. 16,10,675/-. From the details available, it is seen that the assessee was in possession of 0.80 acres of land at Baraniputhur. The market value of the land is adopted based on the TN Reginet at Rs. 24,00,00....

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....e assessee purchased the impugned land on 03.10.2008 only and consideration paid as per the deed was Rs. 12,00,000/-. The extant of land is 0.40 acres only. The assessee did not acquire any land in Baraniputhur beyond this extant. Since the assessee has inadvertently admitted the value of the land, in the return for the AY 2008-09 itself, which was acquired in the AY 2009-10 only. While assessing ....

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....the Paper Book and pleaded that the assessee's appeals be allowed. 5. Per contra, the Ld.DR submitted that the Wealth Tax Officer proceeded to determine the wealth on the basis of wealth tax returns filed by the assessee for the AY 2008-09 and the financial statements. Therefore, the Ld.DR supported the orders of the lower authorities. 6. We heard the rival submissions and gone through the r....