Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2010 (8) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2010 (8) TMI 926 - HC - Income TaxNature of land - whether land in question cannot fall within the definition of “Urban Land” u/s. 002(ea) of the Wealth Tax Act - HELD THAT:- In the absence of any findings on the question of fact as to what portion of said land i.e., how much area of the total area was buildable and what portion of land was not buildable and what would be the market value of the buildable portion of the said property excluding the non-buildable (non-urban land). The matter would have to be remanded back to the AO for determining what portion of the land was buildable and what portion of the land was not buildable, and the value of the respective portions. Needless to say that the portion which was not buildable cannot be regarded as "an urban land" within the meaning of section 002(ea) of the Wealth-tax Act and cannot be included in computing taxable wealth of the assessee. Therefore, the Appeals are allowed.
|