https://www.taxtmi.com/caselaws?id=2399 The High Court held that the appellate Tribunal incorrectly excluded the value of factory and research buildings under construction from wealth tax. The court emphasized adherence to the plain language of section 40(3)(vi) of the Finance Act, 1983, which requires actual business use. The court ruled in favor of the revenue, stating that the buildings under construction were taxable assets as they were not in current business use. The court disagreed with the Tribunal's interpretation based on intended future use and rejected the exclusion of these buildings from wealth tax. en-us Thu, 05 Oct 2006 00:00:00 +0530 Thu, 24 Apr 2008 12:04:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=2399 The High Court held that the appellate Tribunal incorrectly excluded the value of factory and research buildings under construction from wealth tax. The court emphasized adherence to the plain language of section 40(3)(vi) of the Finance Act, 1983, which requires actual business use. The court ruled in favor of the revenue, stating that the buildings under construction were taxable assets as they were not in current business use. The court disagreed with the Tribunal's interpretation based on intended future use and rejected the exclusion of these buildings from wealth tax. Case-Laws Wealth-tax Thu, 05 Oct 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=2399