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2009 (9) TMI 25 - HC - Wealth-taxLand – Urban Land - Wealth – Asset - Date of acquisition – Inclusion – Held that - once no construction is permissible in law then such land would not be ‘urban land’. Therefore, it would not be included in the expression ‘assets’. Accordingly, it has been held that such land would not be exigible to wealth-tax - where two opinions are possible then it would not be within the sweep of the power of the Tribunal to invoke jurisdiction for rectification of an order. It is evident from the discussion in the preceding paras that the issue whether the date of resolution with regard to adopting the development scheme or building scheme would be relevant or any other date would be relevant, as a debatable issue. Once an issue is debatable then rectification jurisdiction cannot be invoked
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