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2008 (2) TMI 372 - BOMBAY HIGH COURTLand purchased on which party constructed building existed which was not usable – land is an asset assessable to wealth tax u/s 40(3)(v) - held that section 40(3)(v) will not apply to any unused land held by the assessee for construction of hotel for a period of two years from the date of acquisition – land is exempted from tax only for period of 2 years from date of acquisition - matter is remanded to AO for determining the value of the land and thereafter to pass appropriate order
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