https://www.taxtmi.com/caselaws?id=288065 Property used for a long period as an industrial unit, with substantial existing constructions, industrial activity, and refusal of construction approval, was held not to be urban land chargeable to wealth-tax under section 2(ea) of the Wealth-tax Act. The asset's factual character on the valuation date was decisive, and it could not be treated as taxable urban land merely because of surrounding development or a possible future use mentioned in the lease deed. The appellate authority treated the land as industrial land and applied the relevant exclusion and exemption position, resulting in deletion of the wealth-tax addition. The departmental appeals therefore failed. en-us Fri, 10 Jun 2011 00:00:00 +0530 Sat, 16 May 2020 12:15:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=288065 Property used for a long period as an industrial unit, with substantial existing constructions, industrial activity, and refusal of construction approval, was held not to be urban land chargeable to wealth-tax under section 2(ea) of the Wealth-tax Act. The asset's factual character on the valuation date was decisive, and it could not be treated as taxable urban land merely because of surrounding development or a possible future use mentioned in the lease deed. The appellate authority treated the land as industrial land and applied the relevant exclusion and exemption position, resulting in deletion of the wealth-tax addition. The departmental appeals therefore failed. Case-Laws Income Tax Fri, 10 Jun 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=288065