https://www.taxtmi.com/caselaws?id=270057 The Tribunal allowed the appeals for the assessment years 2003-04 and 2004-05, granting exemption for urban land held for hotel construction as it qualified as an industrial purpose. However, the appeal for the assessment year 2005-06 was dismissed as the two-year exemption period had lapsed, rendering the land taxable. The Tribunal clarified that the exemption under Section 5(vi) of the Wealth Tax Act is limited to individuals and Hindu Undivided Families, not extending to companies. en-us Wed, 18 Nov 2015 00:00:00 +0530 Mon, 28 Dec 2015 09:50:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=270057 The Tribunal allowed the appeals for the assessment years 2003-04 and 2004-05, granting exemption for urban land held for hotel construction as it qualified as an industrial purpose. However, the appeal for the assessment year 2005-06 was dismissed as the two-year exemption period had lapsed, rendering the land taxable. The Tribunal clarified that the exemption under Section 5(vi) of the Wealth Tax Act is limited to individuals and Hindu Undivided Families, not extending to companies. Case-Laws Wealth-tax Wed, 18 Nov 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=270057