https://www.taxtmi.com/caselaws?id=360931 Land used for construction of a building and reflected as capital work-in-progress did not retain the character of taxable vacant urban land under the Wealth Tax Act. On the facts, the plot had ceased to be a vacant open land during the relevant year because construction was underway, so it could not be separately brought to wealth tax as an asset. Where two reasonable views were possible, the view favourable to the assessee was preferred. The deletion of the wealth-tax addition was therefore upheld, and the Revenue's challenge failed. 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 Land used for construction of a building and reflected as capital work-in-progress did not retain the character of taxable vacant urban land under the Wealth Tax Act. On the facts, the plot had ceased to be a vacant open land during the relevant year because construction was underway, so it could not be separately brought to wealth tax as an asset. Where two reasonable views were possible, the view favourable to the assessee was preferred. The deletion of the wealth-tax addition was therefore upheld, and the Revenue's challenge failed. Case-Laws Wealth-tax Thu, 24 May 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=360931