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of <h1>Contract Breach Confirmed: Defendant's Failure to Meet Material Obligations Results in Full Compensatory Damages Award</h1> <h3>The Assistant Commissioner of Wealth-tax, Company Circle II (1), Chennai Versus M/s. Express Infrastructure (P) Ltd.</h3> The Assistant Commissioner of Wealth-tax, Company Circle II (1), Chennai Versus M/s. Express Infrastructure (P) Ltd. - TMI The Appellate Tribunal (ITAT Chennai) dismissed two wealth-tax appeals filed by the Revenue for assessment years 2008-09 and 2009-10, challenging orders of the Commissioner of Wealth-tax (Appeals)-III. The Revenue contended that exemption under the Wealth-tax Act, 1957, cannot be granted for buildings under construction as business assets, relying on CWT vs. Giridhar G Yadalam (325 ITR 223) and pending SLP in CWT vs. Rohini Hotels (Madras) Ltd.The Tribunal relied on the binding jurisdictional High Court ruling in CWT vs. Rohini Hotels (Madras) Ltd. (21-9-2011), which held that 'even the building under construction makes the urban land a commercial property entitled for wealth-tax exemption, as the nature of the land has been altered.' Thus, the Commissioner's orders allowing exemption were 'justified in law.' Consequently, the appeals were dismissed.
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