https://www.taxtmi.com/caselaws?id=300523 Land held for a government-approved township project and reflected as inventory was excluded from urban land under the Wealth Tax Act because stock-in-trade falls within the statutory exclusion in the definition of urban land. The Tribunal treated the project land as a business asset under development, noted that the development activity had not been abandoned, and rejected the Revenue's reliance on an inapplicable precedent. Advances received against the land were recognised as liabilities to be considered under the net wealth computation provisions, so the additions made by the Revenue were not sustainable and the relief granted in appeal was upheld. en-us Fri, 21 Jun 2019 00:00:00 +0530 Wed, 09 Feb 2022 05:42:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=300523 Land held for a government-approved township project and reflected as inventory was excluded from urban land under the Wealth Tax Act because stock-in-trade falls within the statutory exclusion in the definition of urban land. The Tribunal treated the project land as a business asset under development, noted that the development activity had not been abandoned, and rejected the Revenue's reliance on an inapplicable precedent. Advances received against the land were recognised as liabilities to be considered under the net wealth computation provisions, so the additions made by the Revenue were not sustainable and the relief granted in appeal was upheld. Case-Laws Wealth-tax Fri, 21 Jun 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=300523