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2022 (2) TMI 300 - HC - Wealth-taxWealth tax assessment - Piece of land in Panvel held as its stock in trade or taxable within the provisions of Wealth Tax Act - ITAT treating the land which was approved by the State Government only for industrial purpose as stock in trade - Whether Hon’ble ITAT erred in not appreciation the provisions of section 2(ea) of Wealth Tax Act, 1957 which is totally applicable as per the facts of this case? - HELD THAT:- ITAT by its order pronounced on 21st June, 2019 and impugned in this appeal concurred with the finding of CIT(A). ITAT also held, and rightly so, that the explanation (1)(b) attached with Section 2(ea) of the Act clearly specified that any land held by assessee as stock in trade for a period of 10 years from the date of acquisition will not be included in the definition of ‘Urban Land’. ITAT also held that as per Section 2(m) of Wealth Tax Act, while determining the wealth tax liability of Respondent, the aggregate value of debt owed by Respondent in respect of assets owned by Respondent have to be reduced from the aggregate value of asset belonging to Respondent. Having considered impugned order of ITAT and also the order of AO as well as CIT(A), in our view, the Tribunal has not committed any perversity or applied incorrect principles to the given facts and when the facts and circumstances are properly analyzed and correct test is applied to decide the issue at hand, then, we do not think the questions as proposed raises any substantial question of law.
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