https://www.taxtmi.com/caselaws?id=399339 The High Court dismissed the revenue's appeals challenging the ITAT's order under the Wealth Tax Act for Assessment Years 2005-2006, 2006-2007, and 2007-2008. The Court found that the CBDT Circular extending monetary limits for filing appeals applied to Wealth Tax appeals from 05.02.2019. The valuation issue of a property in Neelankarai village was determined based on it falling within the prohibited zone, leading to the land not being considered an asset under the Wealth Tax Act. Substantial questions of law 1 and 2 were answered against the revenue, and substantial question of law no.3 was deemed unnecessary. en-us Wed, 30 Sep 2020 00:00:00 +0530 Thu, 24 Dec 2020 17:04:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=399339 The High Court dismissed the revenue's appeals challenging the ITAT's order under the Wealth Tax Act for Assessment Years 2005-2006, 2006-2007, and 2007-2008. The Court found that the CBDT Circular extending monetary limits for filing appeals applied to Wealth Tax appeals from 05.02.2019. The valuation issue of a property in Neelankarai village was determined based on it falling within the prohibited zone, leading to the land not being considered an asset under the Wealth Tax Act. Substantial questions of law 1 and 2 were answered against the revenue, and substantial question of law no.3 was deemed unnecessary. Case-Laws Wealth-tax Wed, 30 Sep 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=399339