https://www.taxtmi.com/caselaws?id=424749 Urban land remains a taxable asset under wealth tax unless the assessee has effectively parted with possession and development rights. The Karnataka HC noted that the master development agreement, no-objection proceedings under Chapter XX-C, and related correspondence indicated that the developer had entered upon the property and was entitled to deal with the relevant portion; the later failure of the project did not undo those earlier arrangements. Because the Tribunal did not adequately consider these materials before holding the assessees liable, its order was set aside and the matter was remitted for fresh consideration in accordance with law. en-us Thu, 30 Jun 2022 00:00:00 +0530 Mon, 02 Jan 2023 14:45:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=424749 Urban land remains a taxable asset under wealth tax unless the assessee has effectively parted with possession and development rights. The Karnataka HC noted that the master development agreement, no-objection proceedings under Chapter XX-C, and related correspondence indicated that the developer had entered upon the property and was entitled to deal with the relevant portion; the later failure of the project did not undo those earlier arrangements. Because the Tribunal did not adequately consider these materials before holding the assessees liable, its order was set aside and the matter was remitted for fresh consideration in accordance with law. Case-Laws Wealth-tax Thu, 30 Jun 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=424749