https://www.taxtmi.com/caselaws?id=293187 Land on which a hotel project had commenced, with planning permission obtained and substantial construction already underway, was held not to remain vacant urban land for wealth-tax purposes. Applying Section 2(ea) of the Wealth Tax Act, the Madras High Court treated productive business use and ongoing construction as bringing the property within the exclusion from "asset"; incomplete construction alone did not justify treating the land as exigible when the project had not been abandoned. The land was therefore not liable to wealth tax for the assessment years concerned. en-us Wed, 21 Sep 2011 00:00:00 +0530 Thu, 28 Jan 2021 13:41:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=293187 Land on which a hotel project had commenced, with planning permission obtained and substantial construction already underway, was held not to remain vacant urban land for wealth-tax purposes. Applying Section 2(ea) of the Wealth Tax Act, the Madras High Court treated productive business use and ongoing construction as bringing the property within the exclusion from "asset"; incomplete construction alone did not justify treating the land as exigible when the project had not been abandoned. The land was therefore not liable to wealth tax for the assessment years concerned. Case-Laws Wealth-tax Wed, 21 Sep 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=293187