TMI Blog2010 (8) TMI 926X X X X Extracts X X X X X X X X Extracts X X X X ..... ng what portion of the land was buildable and what portion of the land was not buildable, and the value of the respective portions. Needless to say that the portion which was not buildable cannot be regarded as an urban land within the meaning of section 002(ea) of the Wealth-tax Act and cannot be included in computing taxable wealth of the assessee. Therefore, the Appeals are allowed. - D.G. Karnik AND F.M. REIS, JJ. For The Appellant : S.G. Bhobe For The Respondent : Ms. Asha Desai JUDGMENT : All these Appeals involve a common issue and were disposed by the Income-tax Appellate Tribunal, Panaji Branch, Panaji, by a common Order dated 13-2-2004, and hence they are heard and disposed of by this common Order. 2 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... operty abutting and falling within 500 metres of the Arabian Sea and the river was not buildable. According to him, the portion which was not buildable could not be treated as an urban property in view of Explanation 1(b) of section 2(ea)(v ) of the Wealth-tax Act. According to him, about 90 per cent of the said property fell within 500 metres of the High Tide Line and as per the CRZ Regulations framed as per the Environment (Protection) Act was not buildable. Consequently, the only ten per cent of the property which was buildable and could be regarded as an urban area and the value of that urban area could only be included in computing his total wealth assessible to tax under the Wealth-tax Act. The Assessing Officer did not accept the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... was a market price and represents the market value of the total property. Part of the total property is undoubtedly buildable and the part of the property is unbuildable. There was no apportionment of the price i.e., the Sale Deed does not specify what price was paid for the buildable portion of the property and what price was paid for the unbuildable portion of the property. 6. Counsel for the revenue submitted that since the property was sold as a whole, it was not necessary to bifurcate the buildable portion and the non-buildable portion and the entire price must be treated as a price of the said property and must be included in the total wealth of the Appellants. 7. Counsel for the Appellants submitted that since the part of the p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the official gazette. but does not include land on which construction of a building is not permissible under any law for the time being in force in the area in which such land is situated or the land occupied by any building which has been constructed with the approval of the appropriate authority or any unused land held by the assessee for industrial purposes for a period of two years from the date of its acquisition by him [or any land held by the assessee as stock-in-trade for period of [ten] years from the date of its acquisition by him.] 8. The definition of urban land excludes from the definition of urban land any land on which construction of a building is not permissible. The land which is unbuildable under any law for the ti ..... X X X X Extracts X X X X X X X X Extracts X X X X
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