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2020 (11) TMI 100 - HC - Income TaxNature of land - AO's estimation on the basis of guideline value - whether land in question cannot fall within the definition of “Urban Land” u/s. 2(ea) of the Wealth Tax Act - HELD THAT:- As decided in own case [2020 (10) TMI 313 - MADRAS HIGH COURT]CIT-A has recorded the factual finding that the land, which is unbuiltable under any law for the time being in force, is not an urban land and as such, is not an asset within the meaning of Section 2(e) (a) of the Wealth Tax Act. The CIT-A also referred to a decision in the case of Prabhakar Keshav Kunde [2010 (8) TMI 926 - BOMBAY HIGH COURT] .Thus, considering that factually, the CITA on verification found that the land falls within the prohibited zone CRZ III category. - Decided against the revenue.
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