https://www.taxtmi.com/caselaws?id=13473 The court dismissed the Revenue's appeal under section 27A of the Wealth-tax Act, ruling in favor of the assessee, a fireworks manufacturing company. The court upheld that the land sold was a business asset exempt from wealth-tax as it was used for business purposes and the possession transfer to a builder occurred after the valuation date. The court emphasized that the relevant date for assessment was the valuation date, and the lower authorities' decisions were supported by valid evidence. No substantial questions of law were found, affirming the exemption of the land from wealth-tax. en-us Tue, 12 Dec 2006 00:00:00 +0530 Fri, 29 May 2009 11:28:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=13473 The court dismissed the Revenue's appeal under section 27A of the Wealth-tax Act, ruling in favor of the assessee, a fireworks manufacturing company. The court upheld that the land sold was a business asset exempt from wealth-tax as it was used for business purposes and the possession transfer to a builder occurred after the valuation date. The court emphasized that the relevant date for assessment was the valuation date, and the lower authorities' decisions were supported by valid evidence. No substantial questions of law were found, affirming the exemption of the land from wealth-tax. Case-Laws Income Tax Tue, 12 Dec 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=13473