Land deposit refundable per lease-deed exempt from wealth tax under Section 2(m) of Wealth Tax Act

The Rajasthan HC upheld the Tribunal's decision that a Rs. 2.5 crore deposit linked to land and refundable as per a lease-deed is excluded from wealth tax under Section 2(m) of the Wealth Tax Act. The appeal was dismissed for not raising any substantial question of law.

---

---

The Rajasthan High Court upheld the Tribunal's decision that a deposit of Rs. 2.5 crores, bearing interest and refundable as per a lease-deed, is directly linked to the land and excluded from wealth tax under Section 2(m) of the Wealth Tax Act. The appeal was dismissed as it raised no substantial question of law. (2008 (7) TMI 975 - Rajasthan High Court)

---