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2016 (2) TMI 151 - AT - Wealth-taxWhether the land held for business purposes would be liable for wealth tax - assessee had held the unused urban land for its hotel industry purposes and started construction activities thereon commencing from Asst Year 1999-2000 onwards after carrying out the activities of land filling, leveling , earth filling, soil testing etc for the purpose of construction of hotel building. Held that:- The approval for construction of hotel building was obtained by the assessee and ultimately the hotel business had commenced in Asst Year 2005-06. The subsequent conduct of the assessee of finally completing the construction of hotel strengthens its original stand of urban land meant to be utilized for the purpose of hotel business. Hence the intention of the assessee to utilize the urban land only for the purpose of its hotel business is proved beyond doubt by the subsequent activities of the assessee. The urban land is not liable for wealth tax - Decided in favor of assessee.
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