https://www.taxtmi.com/caselaws?id=272064 The Tribunal ruled in favor of the assessee, concluding that the non-agricultural land could not be classified as urban land under Section 2(ea) of the Wealth Tax Act due to pending road proposals and construction restrictions. Emphasizing that guideline value should not be the sole basis for valuation, the Tribunal accepted the assessee's valuation of Rs. 83 per sq.ft. over the Assessing Officer's valuation of Rs. 1200 per sq.ft. The Tribunal set aside the lower authorities' orders and deleted the entire addition, highlighting the importance of considering various factors in land valuation for Wealth Tax purposes. en-us Fri, 19 Feb 2016 00:00:00 +0530 Thu, 25 Feb 2016 09:52:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=272064 The Tribunal ruled in favor of the assessee, concluding that the non-agricultural land could not be classified as urban land under Section 2(ea) of the Wealth Tax Act due to pending road proposals and construction restrictions. Emphasizing that guideline value should not be the sole basis for valuation, the Tribunal accepted the assessee's valuation of Rs. 83 per sq.ft. over the Assessing Officer's valuation of Rs. 1200 per sq.ft. The Tribunal set aside the lower authorities' orders and deleted the entire addition, highlighting the importance of considering various factors in land valuation for Wealth Tax purposes. Case-Laws Wealth-tax Fri, 19 Feb 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=272064