https://www.taxtmi.com/caselaws?id=270057 The article explains that the small-plot exemption under section 5(vi) of the Wealth Tax Act was confined to the class of assessees contemplated by the main provision, so a company could not claim it. It also states that land acquired for construction of a hotel may qualify as land held for industrial purposes, making the exemption available for the initial two assessment years from acquisition. On the separate issue of urban land, the article notes that land under construction does not automatically cease to be taxable urban land under section 2(ea); taxability remains tied to the valuation date and the statutory test. 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 article explains that the small-plot exemption under section 5(vi) of the Wealth Tax Act was confined to the class of assessees contemplated by the main provision, so a company could not claim it. It also states that land acquired for construction of a hotel may qualify as land held for industrial purposes, making the exemption available for the initial two assessment years from acquisition. On the separate issue of urban land, the article notes that land under construction does not automatically cease to be taxable urban land under section 2(ea); taxability remains tied to the valuation date and the statutory test. Case-Laws Wealth-tax Wed, 18 Nov 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=270057