https://www.taxtmi.com/caselaws?id=64926 The Appellate Tribunal upheld the Commissioner of Wealth-tax's decision to vacate the addition of the cost of land and building under construction to the assessable wealth of the respondent private limited company. The Tribunal ruled that while the value of the land was rightly added to the assessment, the cost of construction of the uncompleted building could not be considered a taxable asset under the relevant provisions of the Finance Act, 1983. The Tribunal differentiated between the completed and uncompleted building, ultimately exempting the cost of construction of the uncompleted building from taxation. en-us Fri, 07 Apr 1989 00:00:00 +0530 Fri, 11 Feb 2011 12:07:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=64926 The Appellate Tribunal upheld the Commissioner of Wealth-tax's decision to vacate the addition of the cost of land and building under construction to the assessable wealth of the respondent private limited company. The Tribunal ruled that while the value of the land was rightly added to the assessment, the cost of construction of the uncompleted building could not be considered a taxable asset under the relevant provisions of the Finance Act, 1983. The Tribunal differentiated between the completed and uncompleted building, ultimately exempting the cost of construction of the uncompleted building from taxation. Case-Laws Wealth-tax Fri, 07 Apr 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=64926