Home Case Index All Cases Wealth-tax Wealth-tax + AT Wealth-tax - 2016 (2) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2016 (2) TMI 290 - AT - Wealth-taxReassessment - Inclusion of land in the wealth tax assessment - Appellant contended that land in question was not permitted for construction and a civil suit was also pending before the Sub-court - Held that:- , merely because a civil suit is pending on the basis of the amount due to the said Smt V. Kamalam and other creditors, it cannot be said that the assessee has not acquired any title over the said land in question. Therefore, this Tribunal is of the considered opinion that the market value of the land has to be ascertained after taking into consideration the pendency of the civil suit. Since the suit is pending, the value may not be alike freehold land. The pendency of the civil suit would definitely reduce the market price of the land in the open market. Therefore, this Tribunal is of the considered opinion that the land in question is an asset within the meaning of sec. 2(ea) of the Wealth-tax Act and it has to be assessed accordingly under the Wealth-tax Act. - Decided partly in favor of assessee.
|