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2015 (9) TMI 1249 - AT - Wealth-taxValuation of the land for Wealth Tax purposes - revenue contended that, there was no restriction concerning construction or development over the land of the assessee, by any Act or Law for the time being in force and the assesssee could have made such construction with permisssion from the appropriate authority. - CWT(A) deleted the addition as land was agricultural land and agricultural operations were being carried out thereat and that so, the land was covered by the exemption in the definition of "asset" in terms of Section 2(ea) of the Wealth Tax Act. Held that:- The learned CWT(A), though, has decided the issue on the basis of certificate dated 27.11.2009 issued by the Town and Country Planning, Shimla, as per which certificate, no construction activity could be started on the land under construction without obtaining prior approval of the Competent Authority. Pertinently, though this certificate, dated 27.11.2009 stands filed before the WTO, this certificate has not been taken into consideration by the WTO while passing the assessment order dated 9.12.2009 for Assessment Year 2002-03. For the other years also, the position remains likewise. The only unescapable conclusion is that the land of the assessee has rightly been held by learned CWT(A) to be exempt from the definition of "asset" within the meaning of section 2(ea) of the Wealth Tax Act, as amended by the Finance Act 2013 with retrospective effect from 1.3.1993. - Decided against the revenue.
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