https://www.taxtmi.com/caselaws?id=215173 The ITAT upheld the decision that the agricultural land falls under the definition of "Urban Land" for wealth tax purposes. The valuation of the land was determined based on the circle rates fixed by Revenue Authorities as of the valuation date, rejecting the higher sale rate from a specific transaction. Both the assessee and Revenue appeals were dismissed, affirming the decisions of the CWT(A) and AO. en-us Fri, 25 May 2012 00:00:00 +0530 Thu, 26 Jul 2012 09:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=215173 The ITAT upheld the decision that the agricultural land falls under the definition of "Urban Land" for wealth tax purposes. The valuation of the land was determined based on the circle rates fixed by Revenue Authorities as of the valuation date, rejecting the higher sale rate from a specific transaction. Both the assessee and Revenue appeals were dismissed, affirming the decisions of the CWT(A) and AO. Case-Laws Wealth-tax Fri, 25 May 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=215173