TaxTMI 
TaxTMI 
2022 (9) TMI 617
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....ised in both the appeals are reproduced as under: 1. The order of the Learned Commissioner of Wealth Tax Appeals, Chennai, in upholding the order of the assessing officer in dismissing the plea of the appellant regarding the reopening and reassessing the wealth for assessment is bad in law, is against the principles of justice, weight of evidence and probabilities of the case of the appellant. 2. The Learned Assessing Officer and the Appellate Commissioner have erred in ignoring the evidence that the agricultural land in question was acquired by the government by a notification and the matter is still in the court and in the said notification erroneously the previous owner's name was mentioned as mutation of title has ....
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.... declaring taxable wealth of Rs..28,01,994/-/ Rs..2,34,65,640/- after claiming exemption of some properties as they do not fall under the definition of assets. In the assessment order, the Assessing Officer noted that the following assets are to be brought to tax: 1. Land at Ganapalli site - Rs..7,34,997 2. Pragati Green Meadow (Farm, Land) - Rs..4,35,000 3. Land at Nanakarmguda - Rs..38,25,000/- 4. Plot No. 330 - Rs..75,20,094/-. The assessee was liable for wealth tax but has not filed wealth tax returns. Therefore, the Assessing Officer believed that the wealth chargeable to tax has escaped assessment and accordingly, notice under section 17 of the Wealth Tax Act, 1957 ["Act" in short] was issued on ....
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....7 of the Wealth Tax Act, 1957 on 31.03.2016/ 30.03.2015 determining total income at Rs..40,84,736/- /Rs..40,84,736/- by making addition of Rs..7,34,997/- on account of land at Gopanapalli. On appeal, after considering the submissions, the ld. CIT(A) confirmed the assessment order passed for both the assessment years. 4. On being aggrieved, the assessee is in appeal before the Tribunal. When the appeals were taken up for hearing, none appeared on behalf of the assessee despite the hearing was adjourned on many occasions. Hence, we proceed to decide the appeals on merits after hearing the ld. DR and considering the material available on record. 5. We have heard the ld. DR, perused the materials available on record and gone through the o....
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....ich such person is assessable as on the valuation date mentioned in the notice, along with such other particulars as may be required by the notice, and may proceed to assess or reassess such net wealth and also any other net wealth chargeable to tax in respect of which such person is assessable, which has escaped assessment and which comes to his notice subsequently in the course of the proceedings under this section for the assessment year concerned (hereafter in this section referred to as the relevant assessment year), and the provisions of this Act shall, so far as may be, apply as if the return were a return required to be furnished under section 14: Provided that where an assessment under sub-section (3) of section 16 or this....