Kantilal Ratnachand Bhandari (HUF), Solapur V. Wealth-tax Officer,Ward -2(1), Solapur

MA 26/PUN/2018

• Counselvise Citation: [2018] 124 COUNSELVISE.COM (IT) 6808 (ITAT-PUNE)
• Duration Of Justice: 5 month(s) 2 day(s)
• Appeal Type: Miscellaneous Application
• Pronouncement Date: 22-06-2018
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: B
• Assessment Year: 2004-2005
• Appeal Filed On: 19-01-2018
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: DR VIVEK AGGARWAL
• Assessee Lawyers: S N DOSHI

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL B BENCH, PUN E . , , ! ' , # $ BEFORE SHRI D. KARUNAKARA RAO, AM AND SHRI VIKAS AW ASTHY, JM M.A. NOS. 24, 25 AND 26/PUN/2018 (ARISING OUT OF WTA NOS. 44, 45 & 46/PUN/2016) #% & '& / ASSESSMENT YEARS: 2002-03, 2003-04 & 2004-05 KANTILAL RATNACHAND BHANDARI (HUF), C/O. MAHAVEER TEXTILE STORES, 340-A, SAKHAR PETH, SOLAPUR-413 005 PAN : AACHK1793A .. /APPLICANT % / V/S. THE WEALTH-TAX OFFICER, WARD-2(1), SOLAPUR. . / RESPONDENT ASSESSEE BY : SHRI S. N. DOSHI REVENUE BY : DR. VIVEK AGGARWAL / DATE OF HEARING : 22.06.2018 / DATE OF PRONOUNCEMENT : 22.06.2018 ( / ORDER PER VIKAS AWASTHY, JM THESE MISCELLANEOUS APPLICATIONS HAVE BEEN FILED BY THE ASS ESSEE SEEKING RECTIFICATION IN THE ORDER OF TRIBUNAL IN WTA NOS. 4 4, 45 & 46/PUN/2016 FOR THE ASSESSMENT YEARS 2002-03, 2003-04 & 2004-05 RESPECTIVELY, DATED 11.07.2017. 2 MA NOS. 24, 25 & 26/PUN/2018 A.YS. 2002-03, 2003-04, 2004-05 2. SHRI S.N. DOSHI APPEARING ON BEHALF OF THE ASSESSEE SUBM ITTED THAT WHILE ADJUDICATING THE ISSUE; WHETHER THE LAND RESERVED SP ECIALLY FOR EDUCATIONAL PURPOSE IS AN ASSET WITHIN THE MEANING OF SEC TION 2(EA) OF THE WEALTH TAX ACT, 1957 (HEREINAFTER REFERRED TO AS THE ACT ), THE TRIBUNAL HAS NOT GIVEN FINDING ON THE MANNER OF VALUATION OF LAND UNDER R ESERVATION. THE LD. AR POINTED THAT IN GROUND NO. 3 OF THE APPEAL THE ISSUE RELATING TO VALUATION OF LAND UNDER RESERVATION WAS RAISED. THE ASSESS EE HAD MADE DETAILED WRITTEN SUBMISSIONS ON THIS ISSUE WHICH ARE REPROD UCED IN PARA 3.1 OF THE TRIBUNALS ORDER. THE LD. AR FURTHER SUBMITTED THAT VALUATION OF RESERVED LAND SHOULD BE DONE AS PER THE PROVISIONS OF S CHEDULE III OF THE WEALTH TAX ACT. IN ABSENCE OF ANY DIRECTION FROM TRIBUNAL, IT WOULD BE DIFFICULT FOR THE ASSESSING OFFICER TO VALUE THE PLOT OF LAND R ESERVED FOR EDUCATIONAL PURPOSE. 3. DR. VIVEK AGGARWAL REPRESENTING THE DEPARTMENT FAIRLY AGREED THAT THE TRIBUNAL WHILE ADJUDICATING THAT THE PLOT OF LAND RESERVED FOR EDUCATIONAL PURPOSE IS URBAN LAND, HAS NOT DEALT WITH THE ISSUE OF MAN NER OF VALUATION OF THE SAID LAND, THOUGH A GROUND WAS RAISED BY ASSESSEE IN GROUND NO. 3 OF THE APPEAL. 4. BOTH SIDES HEARD. THE TRIBUNAL VIDE ORDER DATED 11.07 .2017, HAS HELD THAT PLOT OF LAND ADMEASURING 9894 SQ. MTRS RESERVED FOR EDUCATION PURPOSE IS AN URBAN LAND. HOWEVER, THE MANNER OF VALUATION OF THE SAID LAND HAS NOT BEEN TOUCHED, THOUGH THE ASSESSEE HAS FILED WRITTEN SUBM ISSIONS ON THE ISSUE. A PERUSAL OF GROUND NO.3 OF THE APPEAL FOR ASSESSME NT YEAR 2002-03 REPRODUCED IN PARA 3 OF THE ORDER OF TRIBUNAL SHOWS THAT THE ASSESSEE HAS RAISED AN ISSUE WITH RESPECT TO VALUATION OF LAND UNDER RESERVATIO N THOUGH NOT STRICTLY IN THE MANNER IT SHOULD HAVE BEEN. NEVERTHELESS, VALUATION OF URBAN 3 MA NOS. 24, 25 & 26/PUN/2018 A.YS. 2002-03, 2003-04, 2004-05 LAND IS AN ISSUE COROLLARY TO OUR FINDINGS ON LAND RESERVED FOR EDUCATION PURPOSE. THE ASSESSEE HAS MADE SUBMISSIONS ON THIS ISSU E WHICH REQUIRES ADJUDICATION. 5. WE ARE OF CONSIDERED VIEW THAT THE TRIBUNALS ORDER DATED 11.07.2017 NEEDS TO BE RECALLED FOR THE LIMITED PURPOSE OF ADJUDICATING THIS ISSUE. THUS, ORDER OF THE TRIBUNAL DATED 11.07.2017 IS HEREBY RECALLED FOR LIMITED PURPOSE TO ADJUDICATE THE MANNER OF VALUATION OF PLOT RESERVED FOR EDUCATIONAL PURPOSE ADMEASURING 9894 SQ. MTRS. 6. THE APPEALS OF THE ASSESSEE IN WTA NOS.44, 45 & 46/PU N/2016 ARE FIXED FOR HEARING ON 28.06.2018 FOR HEARING AND ADJUDICATION OF AFORESAID LIMITED ISSUE ONLY. SINCE, THE DATE OF HEARING OF APPEALS HA S BEEN INFORMED TO BOTH SIDES PRESENT IN COURT, ISSUANCE OF SEPARATE NOTICE TO THE PARTIES IS DISPENSED WITH. 7. IN THE RESULT, MISCELLANEOUS APPLICATIONS FILED BY ASSESSEE ARE ALLOWED IN THE TERMS AFORESAID. ORDER PRONOUNCED IN THE OPEN COURT AFTER HEARING THE M ISCELLANEOUS APPLICATIONS ON FRIDAY, THE 22 ND DAY OF JUNE, 2018. SD/- SD/- ( . / D. KARUNAKARA RAO ) ( ! ' /VIKAS AWASTHY) ACCOUNTANT MEMBER JUDICIAL MEMBER / PUNE; ! / DATED : 22 ND JUNE, 2018. SB 4 MA NOS. 24, 25 & 26/PUN/2018 A.YS. 2002-03, 2003-04, 2004-05 ( ) *#+,! -!'+ / COPY OF THE ORDER FORWARDED TO : 1. '# / THE APPELLANT. 2. / THE RESPONDENT. 3. THE CWT(A)-7, PUNE. 4. THE PR. CWT-6, PUNE. $% &'(#)* , '#')* , +,- , / DR, ITAT, B BENCH, PUNE. 6. (./01 / GUARD FILE. // TRUE COPY // 2 / BY ORDER, 3# )- / PRIVATE SECRETARY '# ')* , / ITAT, PUNE.