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2019 (9) TMI 416 - AT - Wealth-taxWealth tax assessment - asset to fall within the ambit of taxable asset - whether the land being “Khasra No. 335, Village Bandwahi, Gurgaon’ admeasuring 21.65 acres is a taxable asset for the purpose of wealth tax or not ? - HELD THAT:- Here in this case, the first exception that the land has been classified as agricultural land in the records of the Government and is used for the agricultural purposes will not apply as assessee himself has contended that it was a non agricultural and uncultivable land being (Gair Mumkin Pahar). Now the only condition left which is required to be examined, whether any construction of a building is permissible under any law for the time being in force the area in which land is situated. If it is ascertained that construction of a building is permissible, then ostensibly it will be held as taxable asset for the purpose of imposing wealth tax. However, if construction of a building is not permissible, then it shall be outside the scope of taxable asset. In view of the aforesaid position of law, we are of the opinion that this matter needs to be sent back to the file of the AO, who shall seek clarification from the Government authorities or the local authority as to whether the construction is permissible by any law in force on the land in which this asset is situated. Assessee will also try to obtain necessary certificates/Records from the authorities in this regard and cooperate with the AO and if it is found to be a waste land where construction is not permitted, then it should be removed from taxable asset. With this direction appeal of the assessee is allowed for statistical purposes.
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