https://www.taxtmi.com/caselaws?id=271034 The SC upheld the HC's decision that urban land is excluded from wealth tax only when a building is completely constructed thereupon, not during construction. The court rejected the assessee's argument for purposive interpretation, holding that the statutory language "has been constructed" cannot include buildings under construction. The expression "land occupied by any building" requires complete construction, as land cannot be considered occupied by a building still under construction. The court found that accepting the assessee's contention would grant exemption from the moment construction commences, even with laying one brick, which would be too far-fetched. The assessee's submission for wealth tax exemption was rejected. en-us Fri, 24 Jul 2015 00:00:00 +0530 Fri, 02 May 2025 16:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=271034 The SC upheld the HC's decision that urban land is excluded from wealth tax only when a building is completely constructed thereupon, not during construction. The court rejected the assessee's argument for purposive interpretation, holding that the statutory language "has been constructed" cannot include buildings under construction. The expression "land occupied by any building" requires complete construction, as land cannot be considered occupied by a building still under construction. The court found that accepting the assessee's contention would grant exemption from the moment construction commences, even with laying one brick, which would be too far-fetched. The assessee's submission for wealth tax exemption was rejected. Case-Laws Wealth-tax Fri, 24 Jul 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=271034