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2019 (6) TMI 1656 - AT - Wealth-taxReopening of Wealth tax assessment - whether the piece of land in Pineville held by the assessee was its Stock in Trade, or taxable within the provisions of Wealth Tax Act? - HELD THAT:- AO despite recording the liabilities against the land, failed to appreciate that undoubtedly the land was Stock in Trade of assessee. Furthermore, Explanation 1(b) attached with section 2(ea) of the Act clearly specified that any land held by assessee as ‘Stock in Trade’ for a period of 10 year from the date of acquisition, will not include in the definition of ‘Urban Land’. No contrary fact is brought to our notice despite the fact that the assessee throughout the proceedings taken a firm stand that the land is a forming part of their stock in trade. We are also in agreement with the submissions of the assessee that that as per section 2 (m) of Wealth Tax Act, while determining the Wealth Tax liability of the assessee, the aggregate value of debt owned by the assessee in respect of the asset owned by the assessee have to be reduced from the aggregate value of assets belonging to the assessee.- Decided against revenue.
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