https://www.taxtmi.com/caselaws?id=418049 The High Court upheld the decision of the Income Tax Appellate Tribunal (ITAT) regarding the classification of land held by the Respondent as stock in trade for wealth tax purposes. The Court found that the land, part of a project approved by the State Government, qualified as a business asset and was not considered 'Urban Land.' The Court dismissed the appeal, stating no substantial legal questions were raised, resulting in the dismissal of Wealth Tax Appeal Nos. 1 of 2021 and 2 of 2021. en-us Tue, 01 Feb 2022 00:00:00 +0530 Tue, 08 Feb 2022 06:52:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=418049 The High Court upheld the decision of the Income Tax Appellate Tribunal (ITAT) regarding the classification of land held by the Respondent as stock in trade for wealth tax purposes. The Court found that the land, part of a project approved by the State Government, qualified as a business asset and was not considered 'Urban Land.' The Court dismissed the appeal, stating no substantial legal questions were raised, resulting in the dismissal of Wealth Tax Appeal Nos. 1 of 2021 and 2 of 2021. Case-Laws Wealth-tax Tue, 01 Feb 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=418049