https://www.taxtmi.com/caselaws?id=399884 The Tribunal upheld the decision of the Ld CIT(A) to dismiss the appeals challenging the reopening of assessment under the Wealth Tax Act for the assessment year 2010-11. The Tribunal ruled that the value of the building under construction is not subject to wealth tax, only the plot is taxable. It was determined that if exemption for a house is claimed, no separate exemption for a plot is allowed under sec. 5(vi) of the Wealth Tax Act. Consequently, the appeals were dismissed on 28th Sept, 2020. en-us Mon, 28 Sep 2020 00:00:00 +0530 Wed, 21 Oct 2020 11:43:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=399884 The Tribunal upheld the decision of the Ld CIT(A) to dismiss the appeals challenging the reopening of assessment under the Wealth Tax Act for the assessment year 2010-11. The Tribunal ruled that the value of the building under construction is not subject to wealth tax, only the plot is taxable. It was determined that if exemption for a house is claimed, no separate exemption for a plot is allowed under sec. 5(vi) of the Wealth Tax Act. Consequently, the appeals were dismissed on 28th Sept, 2020. Case-Laws Wealth-tax Mon, 28 Sep 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=399884