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2018 (5) TMI 1495 - AT - Wealth-taxDeletion of addition made by AO - the land being chargeable to Wealth Tax was added in the total wealth of the assessee - Held that: - the AO has treated the land shown by the assessee in its balance sheet as taxable wealth, whereas, the assessee claimed that the building was under construction on such land therefore, the same cannot be treated as taxable wealth under the Wealth Tax Act. In the case on hand, the building under construction has been shown on such land as capital work-in-progress and this fact has not been disputed by the lower authorities. Therefore, the land on which building is under construction seized from the chargeability of Wealth Tax under the Wealth Tax Law. When divergent views are expressed by different judicial forums, we prefer to follow the views expressed by the Courts which are in favor of the assessee - Hon'ble Supreme Court, in the case of CIT v. Vegetables Products Ltd. [1973 (1) TMI 1 - SUPREME COURT], wherein the Hon'ble Supreme Court held that if two reasonable constructions of a taxing provision are possible then that construction which favors the assessee must be adopted. Appeal dismissed - decided against Revenue.
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