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2013 (11) TMI 406 - ITAT KOLKATAFactory land to be covered under the definition of asset u/s 2(ea) of the Wealth tax act – Held that:- Scope of section 2(ea), does not include ‘urban land’ but once the land so held is part of the industrial undertaking or factory it ceases to have the independent character as urban land; it is a part and parcel of the industrial undertaking, factory or business premises as the case may be. The mere fact that a part of land, which is held as factory, is sold by the assesese as a piece of land would not change the character of asset in the hands of the assessee - There may be situations in which a part of factory land may be sold as ‘land’ but as long as it is a part of the factory, it cannot have any other character in the hands of the assessee than factory as such. A vacant piece of land, even if it can be sold as ‘land’ as such, continues to be a business asset as long as vacant land an integral part of factory etc. - Decided against the revenue.
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