https://www.taxtmi.com/caselaws?id=384902 The tribunal partly allowed the Revenue's appeal, directing a fresh consideration by the Assessing Officer based on new evidence provided by the assessee. The tribunal emphasized that if the land is indeed used for parking by employees, it should be considered a business asset exempt from wealth tax. The CIT(A) had deleted the addition of the land value for wealth tax, citing lack of evidence against the assessee and recommending a site visit to verify land usage. en-us Wed, 17 Jul 2019 00:00:00 +0530 Tue, 27 Aug 2019 07:15:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=384902 The tribunal partly allowed the Revenue's appeal, directing a fresh consideration by the Assessing Officer based on new evidence provided by the assessee. The tribunal emphasized that if the land is indeed used for parking by employees, it should be considered a business asset exempt from wealth tax. The CIT(A) had deleted the addition of the land value for wealth tax, citing lack of evidence against the assessee and recommending a site visit to verify land usage. Case-Laws Wealth-tax Wed, 17 Jul 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=384902