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Wealth-tax - Highlights / Catch Notes

Home Highlights June 2015 Year 2015 This

Wealth Tax assessment - once construction activity commenced in ...

Wealth-tax

June 5, 2015

Wealth Tax assessment - once construction activity commenced in the land ceases its character as a vacant land and it cannot be treated as a nonproductive asset and such land cannot be brought to wealth tax - AT

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  1. The lands being agricultural lands have been excluded from the wealth tax - AT

  2. Taxability - Renting of immovable property service - vacant land - the levy of tax on the rental income derived by the appellant from the lessee is beyond the scope of...

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  5. Land which was converted to stock in trade the same was not eligible for imposition of wealth tax - AT

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  7. Incomplete building neither falls within the definition of a building, u/s 2(ea), nor within the purview of urban land - Not liable to Wealth Tax

  8. Addition of undisclosed income arising out of sale of land - on-money - Once, nature and character of land sold is established as agricultural land not to be treated as...

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