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COMMISSIONER OF WEALTH TAX Versus DIGVIJAY CEMENT CO. LTD

2016 (8) TMI 351 - GUJARAT HIGH COURT

Urban land - ITAT held that "urban land" as defined in clause (b) of Explanation 1 to Sec.2(ea) of the Wealth Tax Act does not include any right or interest that a person may be having in the urban land otherwise than by way of actual ownership - Held that:- This Court is in complete agreement with the findings recorded by the Tribunal which is just and proper and therefore we accordingly answer the question raised in this appeal in favour of the assessee and against the Department . The assesse .....

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der dated 12/09/2003 in WTA No.5/RJT/1999 for the assessment year 1996-97, whereby the Tribunal has confirmed the order passed by the CIT (A) and came to be admitted on the following questions of law: "(1) Whether the Appellate Tribunal is right in law and in fact in holding that "urban land" as defined in clause (b) of Explanation 1 to Sec.2(ea) of the Wealth Tax Act does not include any right or interest that a person may be having in the urban land otherwise than by way of actu .....

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TAT in WTA NO.14/RJT/2004 for assessment year 1995-96 and both these appeals came to be admitted on the following questions of law: (a)Whether the Appellate Tribunal is right in law and in holding that urban land as defined in clause (b) of Explanation 1 to sec.2(ea) of the WealthTax Act does not include any right or interest that a person may be having in the urban land otherwise than by way of actual ownership? (b)Whether the Appellate Tribunal is right in law and in fact in holding that any o .....

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tion raised in this appeal may be answered in favour of the department. 4. On the other hand, learned Counsel for the assessee has contended that the order passed by the CIT (A) and the Tribunal do not call for interference since under the scheme this is not included and he has relied upon the paragraph No.6 of the order passed by the ITAT, which reads as under: 6. We have duly considered the rival contentions, the material on record, the legal provisions and the judicial pronouncements relied u .....

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sive and hence a narrower definition in clause (ea) of sec.2. As per the new definition, the term assets , inter alia, means urban land. The term urban land has been defined in clause (b) of Explanation 1 to sec. 2(ea) of the Act. As per the said definition, it does not include any right or interest that a person may be having in the urban land otherwise than by way of actual ownership. Had that been the case, then it would not have been necessary for the Legislature to substitute the erstwhile .....

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