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2015 (6) TMI 770 - MADRAS HIGH COURT

2015 (6) TMI 770 - MADRAS HIGH COURT - TMI - Whether the land at Ambattur sold by the assessee would fall within the exclusion clause of Section 2(ea) of the Wealth Tax Act - Held that:- as the issue involved herein being pure question of fact and as both the Appellate Authorities, after verifying the records, arrived at such conclusion, we find no question of law much less any substantial question of law arises for consideration in these appeals. - Decided against Revenue. - T. C. (A) Nos. 168 .....

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ted the assessing officer to exclude the value of the land at Ambattur while computing the net wealth of the assessee? 2) Whether on the facts and circumstances of the case, the land sold at Ambattur would fall within the exclusion clause of proviso to Section 2(ea) of the Wealth Tax Act? 2.The issue that arises for consideration herein is as to whether the land at Ambattur sold by the assessee would fall within the exclusion clause of Section 2(ea) of the Wealth Tax Act? 3.It is the contention .....

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not exclude under Section 2(ea) of the Wealth Tax Act. 4.While the Assessing Officer, accepting the contention of the Revenue, levied Wealth Tax, the learned CIT(A) set aside the order of the Assessing officer, on the basis of the remand report of the Assessing Officer. The Tribunal, on the basis of the remand report obtained from the Assessing Officer and objections filed by the assessee on such report and after duly appreciating the facts and circumstances involved in the present case, in the .....

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8 of the impugned order of the Tribunal are reproduced hereunder: 7.We have heard both the sides, considered the material on record and also gone through the relevant provisions of law as well as approved site map filed before the Assessing Officer and copy placed before us and find that the ld.CIT(A), while considering the plea of the assessee in the light of remand report obtained from the Assessing Officer and objections filed by the assessee has concluded to exclude such land from the defini .....

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e and the Assessing Officer, the land was purchased by the Appellant for the purpose of putting up a factory at Ambattur and in fact the Appellant has put up the factory as can be seen from the plan submitted. The plan submitted by the Appellant clearly indicates the various construction on the land at Ambattur as well as the purpose for which the other portion of the land have been earmarked including the lands sold during assessment year 2005-06 and 2006-07. 21.I find that the argument of the .....

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for the employees which is true in all the buildings constructed. 22.Every building has to have open space for the proper enjoyment of the buildings constructed on the land. In this sense, the argument of the Ld AR has force that once a building is constructed on the land, then it ceases to be vacant land and becomes land and building. A reading of the provisions of Section 2(ea) would make it clear that the terms urban land does not include land on which any building is constructed. 23.In this .....

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