https://www.taxtmi.com/caselaws?id=360931 The Tribunal upheld the decision of the CWT(A) and dismissed the Revenue's appeal, ruling that the land under construction for building purposes was not subject to Wealth Tax under the Wealth Tax Act. The Tribunal emphasized that once land is utilized for construction, it no longer qualifies as vacant land and is not separately valued for Wealth Tax purposes, citing relevant High Court judgments. The Revenue's argument that urban land unused for two years is taxable was rejected, affirming that the building under construction was not liable for Wealth Tax. en-us Thu, 24 May 2018 00:00:00 +0530 Sat, 26 May 2018 07:23:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=360931 The Tribunal upheld the decision of the CWT(A) and dismissed the Revenue's appeal, ruling that the land under construction for building purposes was not subject to Wealth Tax under the Wealth Tax Act. The Tribunal emphasized that once land is utilized for construction, it no longer qualifies as vacant land and is not separately valued for Wealth Tax purposes, citing relevant High Court judgments. The Revenue's argument that urban land unused for two years is taxable was rejected, affirming that the building under construction was not liable for Wealth Tax. Case-Laws Wealth-tax Thu, 24 May 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=360931