https://www.taxtmi.com/caselaws?id=271585 The Tribunal held that the land in Sowripalayam Village was deemed an asset under the Wealth-tax Act, despite restrictions on constructing multistoried commercial buildings. The Assessing Officer's valuation based on guideline value was upheld, as the land was initially classified for residential use, allowing construction of residential units. The Tribunal considered pending civil suits in determining the land's market value and directed the Assessing Officer to assess the land considering these implications. The appeal of the assessee was allowed for statistical purposes. en-us Thu, 07 Jan 2016 00:00:00 +0530 Fri, 05 Feb 2016 12:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=271585 The Tribunal held that the land in Sowripalayam Village was deemed an asset under the Wealth-tax Act, despite restrictions on constructing multistoried commercial buildings. The Assessing Officer's valuation based on guideline value was upheld, as the land was initially classified for residential use, allowing construction of residential units. The Tribunal considered pending civil suits in determining the land's market value and directed the Assessing Officer to assess the land considering these implications. The appeal of the assessee was allowed for statistical purposes. Case-Laws Wealth-tax Thu, 07 Jan 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=271585