https://www.taxtmi.com/caselaws?id=282000 For wealth-tax purposes, a property with existing construction must be characterised by its real nature on the valuation date, and it cannot be reclassified as commercial land merely for valuation. The Station Road property was treated as a house eligible for exemption under section 5(1)(vi), while any excess unbuilt area beyond the permissible limit remained subject to examination under the statutory scheme. For the Shanti Kunj property, uncertainty over the correct plot area meant the market value could not be finalised on the existing material, so the matter required fresh determination after ascertaining the actual extent and valuation date. en-us Fri, 23 Sep 2011 00:00:00 +0530 Wed, 17 Jul 2019 12:02:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=282000 For wealth-tax purposes, a property with existing construction must be characterised by its real nature on the valuation date, and it cannot be reclassified as commercial land merely for valuation. The Station Road property was treated as a house eligible for exemption under section 5(1)(vi), while any excess unbuilt area beyond the permissible limit remained subject to examination under the statutory scheme. For the Shanti Kunj property, uncertainty over the correct plot area meant the market value could not be finalised on the existing material, so the matter required fresh determination after ascertaining the actual extent and valuation date. Case-Laws Wealth-tax Fri, 23 Sep 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=282000