https://www.taxtmi.com/caselaws?id=118490 For wealth-tax purposes, a landowner does not lose legal ownership merely because possession is handed over for development; part performance under section 53A of the Transfer of Property Act protects possession but does not itself transfer title, so the land continued to belong to the assessee. Urban land remains an asset unless the statutory exclusion for land occupied by a constructed building is satisfied on the relevant valuation date; on the facts, the land remained taxable for assessment year 1993-94, but was excluded from net wealth for assessment years 1994-95 to 1999-2000 once construction activity had commenced. The Revenue's appeals were treated as not maintainable because the tax effect fell below the CBDT monetary limit. en-us Mon, 13 Feb 2006 00:00:00 +0530 Mon, 02 Jul 2012 10:22:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=118490 For wealth-tax purposes, a landowner does not lose legal ownership merely because possession is handed over for development; part performance under section 53A of the Transfer of Property Act protects possession but does not itself transfer title, so the land continued to belong to the assessee. Urban land remains an asset unless the statutory exclusion for land occupied by a constructed building is satisfied on the relevant valuation date; on the facts, the land remained taxable for assessment year 1993-94, but was excluded from net wealth for assessment years 1994-95 to 1999-2000 once construction activity had commenced. The Revenue's appeals were treated as not maintainable because the tax effect fell below the CBDT monetary limit. Case-Laws Wealth-tax Mon, 13 Feb 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=118490