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2017 (11) TMI 214 - AT - Wealth-taxAssessment of advances paid for purchase of plots - whether the advances made for purchase of plots constitute an asset or not within the meaning of section 2(ea) of the Act for the purpose of wealth tax act? - Held that:- From the plain reading of section 2(ea) of the W.T. Act, the taxable assets are the building or land appurtenant thereto, motor cars, jewellery, bullion and furniture or any other article made of gold, silver, platinum or any other precious metal, yatch, boats and air crafts, urban land and cash in hand etc.. but the advances made for purchase of plots are not included in the meaning of assets. Unless the Act provide for the assessment of advances for purchase of plots within the meaning of assets, the same cannot be treated as net wealth for the purpose of wealth tax act. In the absence of specific provision for making the advance for purchase of asset to wealth tax, we are unable to uphold the action of the lower authorities. - Decided in favour of assessee.
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