2021 (1) TMI 1055 - SCH - Wealth-tax

Exemption from wealth tax - whether 28 Acres of urban land comes under the ambit of the exemption clause of Section 2(ea) of the Wealth Tax Act 1957? - person to be the owner - protective assessment - HELD THAT - Leave granted. Pending further consideration the effect and operation of the following observation made by the High Court in Para 78 of the judgment under challenge shall remain stayed The Assessing Authority would be free to now proceed to make substantive assessments in the hands of the Respondent-Assessees.

Summary

The Supreme Court of India granted leave and stayed the High Court's observation allowing the Assessing Authority to proceed with substantive assessments for the Respondent-Assessees. (Citation: 2021 (1) TMI 1055 - SC Order)