https://www.taxtmi.com/caselaws?id=196680 Urban land remains an asset under Section 2(ea) of the Wealth Tax Act where construction is restrained only by an interim status quo order in a private dispute; the statutory exclusion applies only when construction is prohibited by law in force in the area, so the Revenue succeeded on this point. A cross-contention that the property was stock-in-trade was not entertained in the Revenue's appeal, and a joint development arrangement did not by itself attract Section 53A of the Transfer of Property Act or the related wealth-tax provision, because possession in part performance was not established. The Tribunal's view was therefore set aside and wealth-tax liability was sustained. en-us Thu, 07 Sep 2017 00:00:00 +0530 Tue, 12 Dec 2017 08:42:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=196680 Urban land remains an asset under Section 2(ea) of the Wealth Tax Act where construction is restrained only by an interim status quo order in a private dispute; the statutory exclusion applies only when construction is prohibited by law in force in the area, so the Revenue succeeded on this point. A cross-contention that the property was stock-in-trade was not entertained in the Revenue's appeal, and a joint development arrangement did not by itself attract Section 53A of the Transfer of Property Act or the related wealth-tax provision, because possession in part performance was not established. The Tribunal's view was therefore set aside and wealth-tax liability was sustained. Case-Laws Wealth-tax Thu, 07 Sep 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=196680