ITAT allows rectification of Mistake in Assessing vacant land to Wealth Tax

Wipro GE Healthcare Pvt. Ltd. Vs DCIT (ITAT Bangalore)

We notice that there was difference of opinion between the assessee and the AO in respect of extent of land that is assessable to wealth tax. While the case of revenue is that entire vacant land admeasuring 2,54,020.58 sq.ft is assessable to wealth tax, the case of the assessee is that only 58,605.54 sq.ft is assessable to wealth tax. In AY 2007-08, the AO did not assess entire vacant land admeasuring 2,54,020.58 sq.ft in the original assessment order passed u/s 143(3).

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