Home Case Index All Cases Wealth-tax Wealth-tax + HC Wealth-tax - 2020 (11) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2020 (11) TMI 73 - HC - Wealth-taxWealth tax assessment - Nature of land - ‘urban land’ - whether the land owned by the respondent – assessee would not fall within the definition of the expression ‘urban land’ under Section 2(ea) of the Wealth Tax Act - HELD THAT:- As decided in [2020 (10) TMI 313 - MADRAS HIGH COURT] CIT-A has recorded the factual finding that the land, which is unbuiltable under any law for the time being in force, is not an urban land and as such, is not an asset within the meaning of Section 2(e) (a) of the Wealth Tax Act. The CIT-A also referred to a decision in the case of Prabhakar Keshav Kunde [2010 (8) TMI 926 - BOMBAY HIGH COURT] .Thus, considering that factually, the CITA on verification found that the land falls within the prohibited zone CRZ III category. - Decided against the revenue.
|