<h1>Supreme Court Rules Vacant Land Used for Internal Roads and Playgrounds is Taxable Under Wealth Tax Act, 1957.</h1> The Supreme Court addressed whether vacant land, such as playgrounds and internal roads, qualifies for wealth tax exemption under the Wealth Tax Act, 1957. The case involved an assessee disputing the valuation of open land by the tax authorities. The CIT(A) granted partial relief but denied exemption for land with internal roads and a playground. The ITAT upheld the revenue's appeal, leading to further appeals. The court concluded that land used for internal roads and playgrounds is taxable as company wealth, affirming ownership despite municipal requirements for land reservation.