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2019 (1) TMI 1295 - ITAT DELHIAddition by WTO on account of land u/s 2(ea) of the Wealth Tax Act - asset under the Wealth Tax Act for the purpose of levy of Wealth Tax - urban land would exclude land on which construction of a building is not permissible - Held that:- The provisions of Karnataka Land Revenue Act are similar to provisions contained under the Delhi Land Reforms Act which provides that the agricultural land could be used only for agricultural purposes otherwise the Bhumidhar or an Asami shall be liable for ejectment from agricultural land. In the sale deeds in questions filed on record, it is nowhere mentioned, if there was any violation by the owner of the agricultural land for raising any construction thereon. The issue is, therefore, covered in favour of the assessee by judgment of Karnataka High Court in the case of M.R. Raghuram [2013 (7) TMI 1116 - KARNATAKA HIGH COURT]. It may also be noted here that no evidence has been brought on record that the land in question was not used for agricultural purposes. Thus, the case of the assessee would fall within the exception to the Rule and as such, the same could not be considered as an asset under the Wealth Tax Act for the purpose of levy of Wealth Tax on the same. We, accordingly, set aside the orders of the authorities below and delete the additions. - Decided in favour of assessee.
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