Definition of "Building" for Wealth-Tax: Structures Need More Than Walls or Foundations to Qualify as Buildings Under Wealth-Tax Act.

The term "building" for the purpose of levying additional wealth-tax involves considering the nature of each structure and the specifics of the case. Simply spending money on structures like walls or foundations on land does not automatically classify them as buildings. Whether these structures increase or decrease the land's value is a separate matter, but they do not inherently qualify as buildings. The determination of what constitutes a building is crucial for calculating additional wealth-tax on assets, including buildings or land in urban areas, as outlined in the Wealth-tax Act.

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