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2011 (4) TMI 339 - AT - Wealth-taxAssets U/s 2(ea)(v) - 'urban land' or agricultural land - Assessee claiming to be a 'local authority' in terms of the Explanation to section 10(20), i.e., as amended, in view of being constituted under section 53A of the Town Planning Act, 1108E. The Revenue refutes it by stating the same to be of no relevance in view of the specific definition under section 10(20) - The same would only imply of them being made in accordance with the law, as enunciated by the higher courts of law, considering all the relevant aspects, including the scope of the amendment (i.e., what was sought to achieved thereby) as well as the facts of the assessee's case, which would include the State legislation being relied upon, making due inquiries, and after allowing proper opportunity to the assessee to present its case before him.
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