Home Case Index All Cases Wealth-tax Wealth-tax + AT Wealth-tax - 2012 (7) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2012 (7) TMI 672 - AT - Wealth-taxWealth tax - agriculture land - Urban Land u/s 2(ea) of the Wealth Tax Act, 1957 - held that:- the urban land is one, which is situated in any area which is comprised within the jurisdiction of municipality of any other corporation mentioned therein, if the population of that city/town is not less than ten thousand and falls in the area within such distance, not being more than 8KM from the local limits of any municipality or cantonment board referred to in sub-clause(1) that the Central Government may having regard to the extent of and scope of urbanization of that area may notify in the Official Gazette. There is no dispute about the fact that the land in question falls within the definition of “Urban Land’ i.e. it is in the city having population of more than ten thousand. - Decided against the assessee. Valuation of agriculture land - held that:- The market rates referred to by the assessee with regard to other properties which are almost at the rates fixed by the Revenue Authorities should be market rates and, therefore, assessee has rightly claimed the said rate and the ld. CIT(A) has rightly allowed the appeal of the assessee.
|