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2007 (3) TMI 334 - HC - Wealth-taxExemption- . The assessee is assessed in the status of Hindu undivided family. The property owned by the assessee was given for construction of residential flats by the Assessing Officer in the course of assessment proceedings. The development agreement constituted only permissive possession according to the assessee for the limited purpose of construction of flats. The assessee contended that he continued to be the owner of the land till the sale of flats. The Assessing Officer proceeded to treat the property as urban land and brought it to tax. Tribunal held that the land offered in joint development did not fall under the definition of an asset under section 2(ea) of the Wealth Tax Act, 1957 and therefore no wealth tax was levied by the department. Held that- The court cannot extend the exemption without any legal compulsion in terms of the Act Since in our view, the wording that the urban land would mean a land on which complete building stands, such lands alone would qualify for exemption. That conclusion is inevitable thus accept the appeal of the Revenue. Thus, this appeal is accepted. The questions of law are answered in favour of the Revenue.
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