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2016 (7) TMI 50 - HC - Wealth-taxNet wealth - whether the land on which the building was under construction is to be included in the net wealth for the purpose of charge of wealth tax u/s.2(ea) and was not excluded u/s.40 clause (v) r.w explanation 1 ? - Held that:- Tribunal was justified in holding that the CIT(A) was not justified in excluding the land on which building was under construction from the purview of charge to wealth-tax. This Court vide the aforesaid decision has held that if the building under construction is not to be regarded as building then the land on which the construction is started will have to be included in the assets under clause (v) because land mentioned therein does not carry any qualification or the adjective vacant and that even otherwise the land does not lose its value as an asset simply because construction is started thereon. We are in complete agreement with the reasonings adopted by the Tribunal. - Decided in favour of revenue and against the assessee.
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