Commissioner Of Wealth Tax vs Mohan Exports India P. Ltd on 16 May, 2016

2. At the outset, it must be noticed that the impugned common judgment was
also passed by the ITAT in WTA No. 1/Del/98 for AY 1992-93 in the
appeal filed by the Revenue against another Assessee M/s Pawan Builders
(P) Ltd., having its address at 7, Zamrudpur Community Centre, Kailash
Colony, New Delhi. However, no appeal appears to have been filed by the
Revenue as far as the decision of the ITAT in WTA No. 1 of 1998 is
concerned.

Background facts
3. The Respondent Assessee M/s Mohan Exports (I) Ltd. is stated to be the
owner of the land and building at 8 and 9, Zamrudpur Community Centre,
Kailash Colony, New Delhi. During the assessment proceedings, the
Assessing Officer („AO‟) noted that the Assessee had not disclosed the value
of the property in its total taxable wealth. In response to a query raised by
the AO in that regard, the Assessee stated that the property in question had
not been registered in its name and therefore in terms of the Wealth Tax Act,
1957 („WT Act‟) the value of the said property could not be added in

WTA Nos. 7 to 11 of 2004 Page 3 of 22
computing the net wealth of the Assessee.

Source: Indian Kanoon

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