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2010 (1) TMI 751 - HC - Wealth-taxAgricultural land for industrial purpose - permission to change of the land use for industrial purpose was granted by the Department of Town and Country Planning, on 26th July, 1995 - assessing authority included the value of the plots while assessing the amount of wealth-tax - Held that:- two years' exemption period of tax of industrial plots held by the assessee would be reckoned from the date of acquisition of plots by it for the purpose of relevant asst. yrs. 1996-97 to 1998-99 and would remain an industrial plot liable to the wealth-tax in the subsequent relevant asst. yrs. 1997-98 and 1998-99 and action of the authorities below in this respect, is in conformity with legal process, justified and legally sustainable, assessee appeal dismissed.
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