2022 (9) TMI 618

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.....s. 17 of the Wealth Tax Act, 1957 (hereinafter "the Act"), vide order dated 15.11.2019. 2. The assessee has raised the following Grounds of appeal that are as under: 1. The brief facts of the case are that the appellant filed its return of wealth for the A Y 2011-12 on 30.01.2017 admitting a wealth ofRs.l, 15, 69,011/- which consist of movable property of Rs. 65.70 Lakhs and value of Jewellery etc., of Rs. 49.98 Lakhs. Subsequently, the case was reopened u/s 17 of the Wealth Tax Act and the wealth tax assessment was completed u/s 16(3) r.w.s 17 wherein the following exempted assets were treated as asset under the definition of Wealth Tax Act and added to the net wealth: Value of Kodaikanal Land Rs. 18,45,000/- Land at ....

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....d as agricultural land but the same was intended to develop organic Horticulture farm. b. The Ld. Commissioner of Wealth Tax (Appeals) failed to note that the land in question does not fall within the ambit of the definition of Urban Land as per the Wealth Tax Act. c. Hence, does not fall under the definition of asset u/s. 2(ea) and the question of valuation by the Ld. Assessing Officer does not arise. 3. The brief facts of the case are that the appellant filed its return of wealth tax for the AY 2011-12 on 30.01.2017 by admitting a wealth of Rs. 1,15,69,011/-. Subsequently, the case of assessee was reopened u/s. 17 of the Act and assessment was completed u/s. 16(3) r.w.s. 17, wherein the following assets were treated a....

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.... that the property in question is exempt under the Wealth tax Act as the alleged plot in question was not exceeding 500 sq.mts in area and it is exempt u/s. 5(vi) of the Act and it does not fall under the definition of asset u/s. 2(ea) of the Act and prayed before us to delete the addition made by the AO and direction may be given to treat the same as exempted asset under the definition of Wealth tax Act. Moreover, at the time of hearing Ld. AR has submitted before us in respect of another addition of property at Thiruvandhanthai land was classified in revenue records as agricultural land and assessee/appellant suppose to develop organic horticulture firm there and as such this land also does not fall within the ambit of urban land as pr....