https://www.taxtmi.com/caselaws?id=235926 The High Court of Calcutta ruled on the interpretation of "urban land" under the Wealth Tax Act. The court held that the exclusion from the definition of "urban land" should only apply to fully constructed land, not buildings under construction. Following a Karnataka High Court precedent, the court decided that incomplete construction does not qualify for the exception. Therefore, the property in question, purchased in an incomplete state, was subject to taxation as urban land. The court allowed the appeal in favor of the revenue, ordering reassessment based on the property's value as urban land. en-us Thu, 14 Mar 2013 00:00:00 +0530 Thu, 08 Aug 2013 10:16:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=235926 The High Court of Calcutta ruled on the interpretation of "urban land" under the Wealth Tax Act. The court held that the exclusion from the definition of "urban land" should only apply to fully constructed land, not buildings under construction. Following a Karnataka High Court precedent, the court decided that incomplete construction does not qualify for the exception. Therefore, the property in question, purchased in an incomplete state, was subject to taxation as urban land. The court allowed the appeal in favor of the revenue, ordering reassessment based on the property's value as urban land. Case-Laws Wealth-tax Thu, 14 Mar 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=235926