Home Case Index All Cases Wealth-tax Wealth-tax + HC Wealth-tax - 2010 (2) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2010 (2) TMI 635 - HC - Wealth-taxExemption - Value of House under construction and investment on construction - incomplete building of the assessee neither falls within the definition of a building, as contemplated under section 2(ea) of the Act, nor within the purview of "urban land" as excluded by Explanation 1(b) of the Act. The burden of proof was on the Revenue and the adjudicating authority was required to record a categoric finding that the building of the assessee actually exigible to wealth-tax. Meaning thereby, it was incumbent upon the Revenue to prove that the incomplete building/urban land of the assessee is such, that squarely falls within the four corners of assets, as defined in section 2(ea) of the Act and liable to wealth-tax, which is totally lacking in the present case. - Not liable to wealth tax
|