https://www.taxtmi.com/caselaws?id=202296 The Kerala High Court ruled in a wealth-tax appeal regarding the assessment of land under construction for a commercial building. The court held that once land is utilized for construction, it loses its identity as vacant land subject to wealth-tax. The completion of the commercial building qualified for exemption under the Wealth-tax Act, indicating a shift from non-productive to productive asset. The appellant was declared eligible for exemption for the urban land under construction, overturning the Tribunal's decision and reinstating the first appellate authority's ruling. en-us Mon, 07 Dec 2009 00:00:00 +0530 Thu, 15 Mar 2012 18:46:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=202296 The Kerala High Court ruled in a wealth-tax appeal regarding the assessment of land under construction for a commercial building. The court held that once land is utilized for construction, it loses its identity as vacant land subject to wealth-tax. The completion of the commercial building qualified for exemption under the Wealth-tax Act, indicating a shift from non-productive to productive asset. The appellant was declared eligible for exemption for the urban land under construction, overturning the Tribunal's decision and reinstating the first appellate authority's ruling. Case-Laws Wealth-tax Mon, 07 Dec 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=202296