ITAT Mumbai Bench ‘Wealth Tax’
Mars Hotels & Resorts (P.) Ltd.
V/s.
Deputy Commissioner of Wealth Tax
WT Appeal Nos. 9 to 11 (Mum) of 2010
[Assessment Years 1996-97 to 1998-99]
May 9, 2012
ORDER
1. These appeals by the assessee are directed against the composite order dated 14.1.2010 of CWT(A) for the AYs 1996-97, 97-98 and 98-99 respectively.
2. Since the grounds taken in all the AYs are common; therefore, for the sake of convenience, the ground taken for the AY 1996-97 are reproduced hereunder:
(1) The Commissioner of Wealth Tax (Appeals)- 17, Mumbai (herein after referred to as CWT (A)) erred in confirming that the property (i.e land) is liable to wealth tax for A.Y. 1996-97.
(2) (a) The CWT(A) erred in confirming the value of the property (i.e land) at Rs. 3,76,69,525/- for A.Y. 1996-97.
(b) The CWT (A) erred in not adopting the Value of the Property at Rs. 56,45,721/- as per valuation Report dt 22.3.2004 of M/s. Shah & Shah, Valued by the Government Approved Valuer.
(c) The CWT (A) erred in not considering the deduction aggregating to Rs. 3,20,23,804/- as per valuation report dt 22.3.2004 of M/s Shah & Shah, the break up of which are as under:
