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Wealth-tax - Highlights / Catch Notes

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Reassessment - addition of alleged urban land - A piece of ...

Wealth-tax

April 14, 2016

Reassessment - addition of alleged urban land - A piece of vacated land cannot be excluded from taxable wealth simply because building has been constructed thereupon subsequently. As for the ‘genuine hardship’ being faced by the assessee, we need not commiserate with the assessee because it is not for us to supply the casus omissus, even if any - AT

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

  4. Reassessment of wealth tax - vacant urban land not included - Unless, the AO brings on record any evidence to prove that there was a structure, we cannot concur with...

  5. Exigibility of 'Urban Land' to wealth tax - submission was that the moment construction starts the urban land is put to 'productive use' and that entitles the land from...

  6. Inclusion of Urban Land into Net Wealth - the intention of the assessee to utilize the urban land only for the purpose of its hotel business is proved beyond doubt by...

  7. Value of the land for Wealth Tax - Exemption u/s 2(2ea)(ii) - t if on a plot of land construction of a building is not permissible under any law then the said plot of...

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  9. Nature of the asset - If the construction was partly completed or the building is under construction, in that case the exception engrafted in the definition of the words...

  10. Valuation of property - Enhancement in valuation - Land converted from small scale industrial use to 20% residential use - still being used for business - not taxable...

 

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