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2013 (8) TMI 221 - HC - Wealth-taxNature of the asset - Whether the flat purchased by the assessee in an incomplete condition was not an "asset" u/s 2(ea) nor was a piece of an "urban land" u/s 2(ea)(v) - The AO had treated the investment as an "urban land" u/s 2(ea)(v) - Held that:- If the construction was partly completed or the building is under construction, in that case the exception engrafted in the definition of the words "urban land" does not get attracted - In that event the urban land or undivided interest of the assesse continues to be open for taxation within the category of urban land – relying upon CWT v. Girdhar G. Yadalam (2007 (3) TMI 334 - KARNATAKA HIGH COURT) - The intention of the Legislature appears to be to tax the wealth either in the form of urban land or in the form of a house – the flat was purchased in an incomplete condition and was yet to be fully completed - there can be no doubt that the construction was yet to be completed – Order set aside to the aforesaid extent - The matter shall now go back for reassessment – Decided in favor of revenue.
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