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2012 (7) TMI 443 - ITAT, CHENNAIAgricultural land - assessee has claimed the agricultural lands are exempt from Wealth-tax Act – Held that:- Lands in dispute are located within corporation limit not classified as agricultural land by registration authorities, but the assessee is carrying on agricultural activities on these lands - Construction on these lands can be done after obtaining approval of the appropriate authorities. Hence, the properties owned by the assessee attract Wealth-tax provisions, the value of which is fixed by the Government and taxed accordingly - appeals raised by the assessees are dismissed.
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