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2012 (5) TMI 151 - AT - Income TaxValuation of property under wealth tax - asset under WT Act - valuation as per valuation fixed by the Stamp Duty Authorities or as per Government approved valuer - Urban land but falling in the non-development - restriction on the construction - 50% for hotel and 50% for general public park - held that:- in view of the decision of the Hon'ble Supreme Court in the case of K Vasundara Devi, we allow the deduction of 40% while computing the fair market value of the land in question on account of large track of the land. The expenditure incurred by the assessee for removing of the infirmity/defects - the expenditure, which is incurred for exploiting the potential development of the land, is an allowable deduction for computation of fair market value while determining the net wealth. - Accordingly, we allow the expenditure incurred by the assessee on development of park including construction of park, construction of strom water drain, compound wall in the garden area etc. - Partly in favor of assessee.
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