Wtxa/2286/2019 Of Pr. Commissioner Of Income Tax-1 v. Forbes And Company Ltd

IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION WEALTH TAX APPEAL NO.2263 OF 2019WITH WEALTH TAX APPEAL NO.2286 OF 2019WITH WEALTH TAX APPEAL NO.2288 OF 2019WITH WEALTH TAX APPEAL NO.2321 OF 2019 Pr. Commissioner of Income Tax-1 V/s.Forbes & Company Ltd. ….Appellant …Respondent ---- Mr. Suresh Kumar for AppellantMr. Paras Savla a/w Mr. Pratik Poddar i/b Mr. Atul K. Jasani for Respondent ---- P.C. : CORAM : K.R. SHRIRAM & N.J. JAMADAR, JJ DATED : 2[nd] FEBRUARY 2022 WEALTH TAX APPEAL NO.2263 OF 2019 1Proposed substantial question of law is as under: “Whether on the facts and in the circumstances of the casein law, the Hon’ble ITAT was right in deleting the additionmade to the net wealth by the AO on account ofundisclosed asset, by holding that the assessee is not inpossession of asset in view of the MOU with the developer,without appreciating the fact that the assessee neitherentered into any sale agreement nor conveyed the propertyin favour of the developer but entered into an MOU fordevelopment of the said property ?” 2ITAT in the impugned order has come to factual finding that the landwas transferred in the Financial Year 1994-1995 itself relevant to A.Y.-1995-1996 and as also recorded the uncontroverted fact that respondent had evenpaid capital gains on the transfer of the land. Tribunal has also recorded thefact that transfer of asset in Financial Year 1994-1995 relevant to A.Y.-1995-1996 has been accepted by the A.O. who passed order under Section 143(3)of the Income Tax Act 1961 and, therefore, has rightly concluded that theWealth Tax Officer cannot take a view different from the Assessing Officerunder the Income Tax Act. 3In our view, the ITAT has not committed any perversity or appliedincorrect principles to the given facts and when the facts and circumstancesare properly analysed and correct test is applied to decide the issue at hand,then, we do not think that questions as pressed raises any substantialquestions of law. 4Appeal is devoid of merit and is dismissed with no order as to costs. WEALTH TAX APPEAL NO.2286 OF 2019WITH WEALTH TAX APPEAL NO.2288 OF 2019WITH WEALTH TAX APPEAL NO.2321 OF 2019 5In view of the dismissal of Wealth Tax Appeal No.2263 of 2019, theabove appeals do not survive and accordingly stand dismissed. (N. J. JAMADAR, J.) (K.R. SHRIRAM, J.)