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2018 (12) TMI 418 - HC - Wealth-taxInclusion of two plots of land to net wealth as 'urban land' u/s. 2(ea) (v) of the wealth tax Act - Held that:- There is a clear distinction between a case where the construction of a building is not permissible under any law for the time in force and where construction though permissible, must be preceded by permission, approval or sanction from the prescribed authority. Counsel for the Assessee had argued that the Wealth Tax is to be computed on the basis of net wealth of an Assessee on the prescribed date on which construction of a building was not permissible on the land in question. In our opinion, this argument begs the question. As held by us, requirement of permission for construction would not make construction on the land impermissible. This being the position, as on which date such requirement is being tested would be of no consequence. In our opinion, therefore, question (a) raised by Assessee, does not give rise to any substantial question of law. For the purposes of enabling the Assessee to appear before the Tribunal only press question No.(b) and (c) in relation to the respective Wealth Tax Appeals, the impugned common judgment of the Tribunal is set aside. Appeals are restored to the Tribunal for fresh consideration
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