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2019 (5) TMI 441 - AT - Wealth-taxAsset within the canopy of section 2(ea) of the W.T. Act - HELD THAT:- Assessee had sold the land with dilapidated structure over it lock, stock and barrel to a third party and earned long term capital gain. In our view, this is not a proper ground for disallowing the claim of the assessee. Admittedly, what was sold during the Assessment Year 2006-07 was land with structure. When there is a structure on the land and when it is not in dispute that the structure was put to use in the earlier assessment years for manufacturing activity and when what was sold was commercial establishment it cannot be classified as urban land u/s 2(ea) - the land with structures which was used in earlier years for manufacturing, is not an asset within the canopy of section 2(ea) of the W.T. Act. It is in our view continues to be a commercial asset. Thus, we delete the addition made herein for both the assessment years.
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