https://www.taxtmi.com/caselaws?id=64081 Land treated as excess vacant land under the Urban Land (Ceiling and Regulation) Act, 1976, and subject to statutory restrictions on transfer and construction, was held not to fall within the Wealth-tax Act's definition of "urban land" under Explanation 1(b) to section 2(ea). Because construction was not legally permissible on the valuation date, the assessee's share in the plot could not be treated as an includible "asset" for wealth-tax purposes. The statutory test was applied to the legal position prevailing on the valuation date, and the land was excluded from net wealth. en-us Wed, 06 Oct 2004 00:00:00 +0530 Thu, 03 Feb 2011 16:33:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=64081 Land treated as excess vacant land under the Urban Land (Ceiling and Regulation) Act, 1976, and subject to statutory restrictions on transfer and construction, was held not to fall within the Wealth-tax Act's definition of "urban land" under Explanation 1(b) to section 2(ea). Because construction was not legally permissible on the valuation date, the assessee's share in the plot could not be treated as an includible "asset" for wealth-tax purposes. The statutory test was applied to the legal position prevailing on the valuation date, and the land was excluded from net wealth. Case-Laws Wealth-tax Wed, 06 Oct 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=64081