https://www.taxtmi.com/caselaws?id=388906 Revised CBDT monetary limits were applied year-wise to wealth-tax appeals, making the Revenue's appeals below the threshold not maintainable. For wealth-tax purposes, non-agricultural land remained "urban land" where construction was otherwise permissible but prior approval had not been obtained, because a requirement of sanction is not the same as a legal prohibition on construction; the land's value was therefore includible in net wealth. Valuation had to be redetermined as on the relevant valuation date, with allowable debts considered subject to proof. The reopening under section 17 was sustained on the basis of recorded escapement and non-filing of returns. en-us Wed, 11 Sep 2019 00:00:00 +0530 Wed, 27 Nov 2019 10:39:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=388906 Revised CBDT monetary limits were applied year-wise to wealth-tax appeals, making the Revenue's appeals below the threshold not maintainable. For wealth-tax purposes, non-agricultural land remained "urban land" where construction was otherwise permissible but prior approval had not been obtained, because a requirement of sanction is not the same as a legal prohibition on construction; the land's value was therefore includible in net wealth. Valuation had to be redetermined as on the relevant valuation date, with allowable debts considered subject to proof. The reopening under section 17 was sustained on the basis of recorded escapement and non-filing of returns. Case-Laws Wealth-tax Wed, 11 Sep 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=388906