https://www.taxtmi.com/caselaws?id=202710 The High Court held that an incomplete building under construction on a jointly owned plot did not qualify as an asset liable to wealth-tax under the Wealth-tax Act, 1957. The Court determined that the incomplete structure lacked essential components for residential or commercial use, and thus, could not be considered a complete building. Additionally, the Court rejected the classification of the incomplete building as 'urban land,' as it was being constructed with approval. The Court emphasized that the Revenue failed to prove the building's liability to wealth-tax, leading to the dismissal of the appeals and upholding the Tribunal's decision that the investment in the house under construction was not subject to wealth-tax. en-us Fri, 19 Feb 2010 00:00:00 +0530 Wed, 22 Jun 2016 12:21:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=202710 The High Court held that an incomplete building under construction on a jointly owned plot did not qualify as an asset liable to wealth-tax under the Wealth-tax Act, 1957. The Court determined that the incomplete structure lacked essential components for residential or commercial use, and thus, could not be considered a complete building. Additionally, the Court rejected the classification of the incomplete building as 'urban land,' as it was being constructed with approval. The Court emphasized that the Revenue failed to prove the building's liability to wealth-tax, leading to the dismissal of the appeals and upholding the Tribunal's decision that the investment in the house under construction was not subject to wealth-tax. Case-Laws Wealth-tax Fri, 19 Feb 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=202710