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2004 (5) TMI 41 - GUJARAT HIGH COURTValuation of property - Whether, Tribunal substantially erred in law in interpreting the provisions of the Wealth-tax Act with regard to definition of 'urban land' in section 2(ea), clause (v), and Explanation (b) to section 2(ea) which stipulates that the area of land occupied by a building does not form part of urban land? - Whether, Tribunal was right in law in rejecting the contention of the assessee that by virtue of the provision of section 7(2) of the Wealth-tax Act, 1957, as the property under consideration was exclusively used by the assessee throughout the period of twelve months immediately preceding the valuation date, its value was to be determined at the option of the assessee in the manner laid down in Schedule III to the Act as on April 1, 1971?"
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