https://www.taxtmi.com/caselaws?id=271446 The Tribunal held that land held for business purposes, specifically for constructing a hotel complex, was not liable for wealth tax under the Wealth Tax Act. The land, once utilized for construction, lost its character as land and fell outside the scope of wealth tax. Construction activities had commenced earlier, making it an incomplete building, not qualifying as an asset under the Act. Legal precedents from Punjab & Haryana High Court and Kerala High Court supported this interpretation. As the land was intended solely for the hotel business and subsequent activities confirmed this, the Tribunal dismissed the revenue's appeals, ruling in favor of the assessee. en-us Wed, 23 Sep 2015 00:00:00 +0530 Fri, 05 Feb 2016 06:14:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=271446 The Tribunal held that land held for business purposes, specifically for constructing a hotel complex, was not liable for wealth tax under the Wealth Tax Act. The land, once utilized for construction, lost its character as land and fell outside the scope of wealth tax. Construction activities had commenced earlier, making it an incomplete building, not qualifying as an asset under the Act. Legal precedents from Punjab & Haryana High Court and Kerala High Court supported this interpretation. As the land was intended solely for the hotel business and subsequent activities confirmed this, the Tribunal dismissed the revenue's appeals, ruling in favor of the assessee. Case-Laws Wealth-tax Wed, 23 Sep 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=271446