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2018 (7) TMI 592 - HC - Wealth-taxWealth tax assessment - Whether a land in which construction is being carried on could be excluded from the definition of “urban land” and thus from the definition of “assets” as available in Section 2(ea) of the WT Act - Held that:- The issue is one covered by the judgment of the Hon'ble Supreme Court in Giridhar G.Yadalam v. CWT [2016 (1) TMI 826 - SUPREME COURT OF INDIA] as found that only a land in which the building is completely constructed stands excluded under the exclusionary provision under Explanation (1)(b)(ii) of Section 2(ea). Respectfully following the aforesaid decision, we set aside the orders of the Tribunal and affirm the order of the Assessing Officer. The Wealth Tax Appeals would stand allowed, answering the question of law in favour of the Revenue and against the assessee. However, there is question of valuation which has to be considered by the Tribunal, which the Tribunal did not consider. Hence, to decide on the quantum, the matter is remanded back to the Tribunal
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